Latest in Bitcoin

Image credit:

FBI seizes black market website Silk Road, arrests its founder

21 Shares
Share
Tweet
Share
Save

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
Save

Popular on Engadget

Engadget's Guide to Privacy

Engadget's Guide to Privacy

View
Volta Football is exactly what 'FIFA 20' needs

Volta Football is exactly what 'FIFA 20' needs

View
Skullcandy's Crusher ANC block noise while you feel the bass

Skullcandy's Crusher ANC block noise while you feel the bass

View
Zero's 2020 electric motorcycles include one that's loaded for adventures

Zero's 2020 electric motorcycles include one that's loaded for adventures

View
‘Call of Duty’ comes to mobile on October 1st

‘Call of Duty’ comes to mobile on October 1st

View

From around the web

Page 1Page 1ear iconeye iconFill 23text filevr