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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 live-streaming site.

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

First, there was the arrest by the FBI of Silk Road’s founder known online only by their handle ‘Dread Pirate Roberts’, but evidently understood to the feds a little more intimately as Ross William Ulbricht- while the seizure and turn off of the Silk Road site itself. Silk Road was an exclusively Bitcoin site that is gambling well-known to numerous being an open marketplace for illegal drugs and more; the web site’s just under a million registered users were frequently cash launderers, in line with the arrest warrant.

‘Based on my training and experience, Silk Road has emerged as probably the most sophisticated and extensive marketplace that is criminal the web today,’ FBI Special Agent Christopher Tarbell noted in 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, usually for things as macabre as hiring hitmen, seeking out computer hackers or purchasing weapons that are illegal.

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, as soon as the rates for the digital currency dropped from $139 per Bitcoin to $109.71 per Bitcoin in just under three hours. […]

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