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Silk Road Founder Arrested While Bitcoins Plummet

Silk Road Founder Arrested While Bitcoins Plummet

Bitcoins are in the news, between the closed down of Silk Road,a plummet in exchange rates, and a new site that is live-streaming.

It’s been a significant week for Bitcoins into the news; a whammy that is triple actually.

First, there was the arrest by the FBI of Silk path’s founder known online only by his handle ‘Dread Pirate Roberts’, but apparently known to the feds a little more intimately as Ross William Ulbricht- and also the seizure and shut down of this Silk Road site itself. Silk Road had been an exclusively Bitcoin site that is gambling well-known to numerous as an open market for illegal drugs and much more; the web site’s just below a million registered users were frequently cash launderers, according to the arrest warrant.

‘Based on my training and experience, Silk Road has emerged as the most advanced and extensive marketplace that is criminal the web today,’ FBI Special Agent Christopher Tarbell noted in the complaint. Tarbell added that within the past 2 1/2 years, Silk path generated some $1.3 billion worth of comparable Bitcoin trades and netted $85 million in commissions for itself, often for things as macabre as employing hitmen, searching for computer hackers or buying illegal tools.

Major Rate Volatility Ensues

Meanwhile only a few times after the shut down of the site by the feds and the arrest of Ulbricht Bitcoins by themselves went through some Cat-5 volatility, when the rates for the currency that is digital from $139 per Bitcoin to $109.71 per Bitcoin in just under three hours. Read more »