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Silk Road Founder Arrested While Bitcoins Plummet

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 serious week for Bitcoins in 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 a little more intimately as Ross William Ulbricht- therefore the seizure and turn off of this Silk Road web site itself. Silk path had been an exclusively Bitcoin site that is gambling well-known to numerous as an open market for illegal drugs and much more; the site’s slightly below a million registered users were frequently money launderers, based on the arrest warrant.

‘Based on my training and experience, Silk Road has emerged as the most advanced and extensive marketplace that is criminal cyberspace today,’ FBI Special Agent Christopher Tarbell noted within the issue. Tarbell added that in 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 hiring hitmen, seeking out computer hackers or buying illegal weapons.

Major Rate Volatility Ensues

Meanwhile merely a few times following the shut down of the web site by the feds and the arrest of Ulbricht Bitcoins themselves went through some Cat-5 volatility, once the rates for the digital currenc

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