Items tagged with Silk-Road

When cryptocurrency is stolen, it tends to vanish into thin air without no obvious means for recourse. It would typically involve moving the currency across many accounts and disbursing it, so it is slowly spread out. It seems that the hackers that stole over $1 billion in Bitcoin from Silk Road creator Ross Ulbricht were not wise enough, however. The U.S. Justice Department recently announced that they had seized the cryptocurrency from the unnamed hacker. Before 2013, the Silk Road was the underground market on the dark web. Illegal drugs, weapons, and other illicit things were sold using Bitcoin as the main currency. It was optimal as it was hard to track due to its decentralized design.... Read more...
Bitcoin is a digital currency that has been rather volatile both in regard to its legality and in terms of its value. Up and down it goes, and the value has dropped again to $129 after hitting $140 the previous day in the wake of the shutdown of online marketplace Silk Road by the FBI. Silk Road was a space where illegal drugs and other shady miscellany were allegedly sold, and the anonymity afforded by Bitcoin was certainly an appeal for buyers. Those Bitcoins--all $3.6 million worth--have now been “seized” by the FBI, and Silk Road’s owner Ross William Ulbricht (aka “Dread Pirate Roberts”) has been arrested. It’s likely that the arrest had something to do... Read more...