Silk Road Founder Arrested While Bitcoins Plummet
Bitcoins come in the news, between the shut down of Silk Road,a plummet in exchange rates, and a new live-streaming site.
It’s been a significant week for Bitcoins into the news; a triple whammy, actually.
First, there was the arrest by the FBI of Silk Road’s founder known online only by his handle ‘Dread Pirate Roberts’, but apparently known to the feds only a little more intimately as Ross William Ulbricht- as well as the seizure and shut down of this Silk Road site itself. Silk path was an exclusively Bitcoin gambling site, well-known to numerous being an open market for illegal drugs and much more; the web site’s just under a million registered users were usually cash launderers, in line with the arrest warrant.
‘Based on my training and experience, Silk Road has emerged as the absolute most advanced and extensive unlawful marketplace on the online world today,’ FBI Special Agent Christopher Tarbell noted within the complaint. Tarbell added that in 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, frequently for things as macabre as employing hitmen, looking for computer hackers or buying illegal weapons.
Major Rate Volatility Ensues
Meanwhile only a few days following the shut down of the site by the feds and the arrest of Ulbricht Bitcoins themselves went through some Cat-5 volatility, whenever rates for the currency that is digital from $139 per Bitcoin to $109.71 per Bitcoin in only under three hours.
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