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Silk Road Founder Arrested While Bitcoins Plummet

Monday, February 10th, 2020

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 site that is live-streaming.

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 path’s founder known online only by their handle ‘Dread Pirate Roberts’, but evidently understood to the feds only a little more intimately as Ross William Ulbricht- and also the seizure and turn off of this Silk Road web site itself. Silk path ended up being an exclusively Bitcoin site that is gambling well-known play indian dreaming slot machine free to many as an open marketplace for illegal drugs and much more; the site’s just below a million registered users were frequently money launderers, according to the arrest warrant.

‘Based on my training and experience, Silk Road has emerged as the absolute most sophisticated and extensive marketplace that is criminal the net today,’ FBI Special Agent Christopher Tarbell noted into the grievance. Tarbell added that in the past 2 1/2 years, Silk Road 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, looking for computer hackers or purchasing weapons that are illegal.

Major Rate Volatility Ensues

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