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Silk Path Founder Arrested While Bitcoins Plummet

Silk Path Founder Arrested While Bitcoins Plummet

Bitcoins have been in the news, between the shut down of Silk Road,a plummet in exchange rates, and a new live-streaming site.

It’s been quite a week for Bitcoins within 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 evidently known to the feds only a little more intimately as Ross William Ulbricht- and the seizure and power down of the Silk Road site itself. Silk path was an exclusively Bitcoin site that is gambling well-known to many as an available market for illegal drugs and much more; the web site’s just under a million registered users were usually money launderers, based on the arrest warrant.

‘Based on my training and experience, Silk Road has emerged as the absolute most sophisticated and extensive criminal marketplace on the world wide web today,’ FBI Special Agent Christopher Tarbell noted into the grievance. Tarbell added that within 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, often 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 web site by the feds and the arrest of Ulbricht Bitcoins by themselves went through some Cat-5 volatility, whenever rates for the digital currency dropped from $139 per Bitcoin to $109.71 per Bitcoin in just under three hours.

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