Latest in Bitcoin

Image credit:

FBI seizes black market website Silk Road, arrests its founder

Jon Fingas, @jonfingas
October 2, 2013
21 Shares
Share
Tweet
Share

Sponsored Links

Light just reached one of the darker corners of the web: the FBI has seized Silk Road, a site infamous for hosting anonymized, Bitcoin-based drug and gun sales. The move follows a sting operation that also led to the arrest of site founder Ross Ulbricht (aka Dread Pirate Roberts) for alleged hacking, money laundering and narcotics trafficking. While the seizure isn't likely to stop online contraband purchases, it's potentially a big blow. At current Bitcoin values, Silk Road generated $1.2 billion in revenue from just two years of operation -- the kind of cash that we'd expect from a large, legitimate e-commerce venture. The FBI's move also demonstrates that anonymizing technology like Tor won't always keep law enforcement at bay.

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Comment
Comments
Share
21 Shares
Share
Tweet
Share

Popular on Engadget

Engadget's 2020 Back-to-School Guide

Engadget's 2020 Back-to-School Guide

View
Google Play Music will start shutting down in September

Google Play Music will start shutting down in September

View
Google adds emoji reactions to Messages on Android

Google adds emoji reactions to Messages on Android

View
Disney's new AI is facial recognition for animation

Disney's new AI is facial recognition for animation

View
T-Mobile switches on its standalone 5G network in thousands of cities

T-Mobile switches on its standalone 5G network in thousands of cities

View

From around the web

Page 1Page 1ear iconeye iconFill 23text filevr