Tag - Silk Road
This week heralds the return of the long-dormant MacNN podcast! Join this week's hosts, MacNN editor Charles Martin, alongside staff writer Michelle Elbert, as they discuss the events that got our attention, needed further discussion, or just plain tickled our fancy.
The founder and creator of the now-shuttered black market site Silk Road, Ross William Ulbricht, was found guilty by a jury of six men and six women, who deliberated for just 3.5 hours following a week-long trial. The case began in 2013, when Ulbricht was arrested in a library and his laptop seized. Ulbricht denied being the site's leader, the "Dread Pirate Roberts" (a reference from the movie The Princess Bride of a feared foe whose mantle is periodically taken up by successors), claiming that others ran the site. The jury did not believe him.
The trial of Ross Ulbricht in connection with the online BitCoin-fueled drug market known as Silk Road continued today with the testimony of a buyer-turned-dealer. Previously, the defense had attempted to suggest Ulbricht was framed, while the prosecution brought in an auditor to show that a chunk of Ulbricht's current reserve of BitCoins was obtained through Silk Road-related transactions.
The latest update in the trial of Ross Ulbricht's involvement with the controversial but now-closed Silk Road contraband market site involves Ulbricht's collection of bitcoins. A researcher who has audited the stash claims that approximately 20 percent of Ulbricht's bitcoin funds were transferred directly from Silk Road to his accounts, a transaction that would have been worth close to $3 million based on the value of the digital currency at the time.
Homeland Security special agent Jared Der-Yeghiayan took the stand recently in the trial of Ross Ulbricht, who stands accused of running a drug trafficking website called "The Silk Road" that operated for over two years, largely as a marketplace for illegal drugs, stolen data and other criminal activity. Under cross, the defense attempted to claim that former Mt. Gox chief Mark Karpeles was in fact the real owner, who went by the pseudonymous name "Dread Pirate Roberts."
The United States Marshals Service (USMS) will be holding a second Bitcoin auction, selling part of a collection seized during the take-down of Silk Road. The auction will involve the sale of 50,000 bitcoins, previously owned by Ross Ulbricht, with the current $400 value for each coin giving the entire collection a total worth of around $20 million when sold.
The US Marshals Service has completed its auction of the Bitcoins it seized from the raid and shutdown of alleged online drug marketplace Silk Road. The 12-hour auction consisted of nine blocks of 3,000 bitcoin, and one block of 2,757 bitcoins. At current exchange rates, the auction was valued at $17.7 million dollars.
The United States Marshals Service will be selling off the collection of Bitcoin it seized following the take-down of black-market drug site Silk Road. Almost 30,000 Bitcoins will be sold in the online auction on June 27th, with the pool estimated at current exchange rate prices to be worth a total of $17.91 million at the time of writing, down from the $27 million it was originally expected to fetch during initial reports of the sale in January.
The US Marshals Service may soon be tasked with liquidating $26.5 million worth of Bitcoin that was seized last year during the Silk Road takedown. Federal prosecutors in New York recently finalized the forfeiture of 29,655 Bitcoins from the Silk Road servers, while another 144,336 Bitcoins--worth approximately $129 million--awaits formal forfeiture as the government proceeds with its prosecution of alleged Silk Road founder Ross William Ulbricht.