Melisa Christensen

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Silk Path Founder Arrested While Bitcoins Plummet

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Silk Path 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 quite a 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 his handle ‘Dread Pirate Roberts’, but apparently known to the feds only a little more intimately as Ross William Ulbricht- and the seizure and shut down of the Silk Road site itself. Silk path had been an exclusively Bitcoin site that is gambling well-known to many being an available marketplace for illegal drugs and more; the site’s just below a million registered users were often money launderers, in line with the arrest warrant.

‘Based on my training and experience, Silk Road has emerged as the most sophisticated and extensive marketplace that is criminal the online world today,’ FBI Special Agent Christopher Tarbell noted in the complaint. Tarbell added that into the past 2 1/2 years, Silk Road generated some $1.3 billion worth of equivalent Bitcoin trades and netted $85 million in commissions for itself, usually for things as macabre as employing hitmen, seeking out computer hackers or purchasing illegal tools.

Major Rate Volatility Ensues

Meanwhile just a few days following the shut down of the site by the feds and the arrest of Ulbricht Bitcoins by themselves went through some Cat-5 volatility, once the 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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