06 Oct '13, 6pm

What will happen to Dread Pirate Roberts' Bitcoin fortune?

What will happen to Dread Pirate Roberts' Bitcoin fortune?

One of the most eye-popping allegations to come out of the FBI's shutdown of Silk Road, the Web's biggest market for illegal drugs was that the site's owner, Dread Pirate Roberts , had collected $80 million in commissions. But the status of that fortune—collected in the form of the digital currency Bitcoin —and what will happen to it now are still up in the air. As TechDirt points out, the FBI only seized 26,000 BTC—worth $3.6 million at the time—from Roberts (real name Ross Ulbricht) when they arrested him. That's a far cry from his presumed fortune. What's more, those bitcoins don't appear to have been confiscated from Ulbricht's personal wallet. They were taken from Silk Road's users, an FBI spokesperson told Forbes' Kashmir Hill. The agency has yet to decrypt and confiscate Silk Road's actual profits. “That’s like another $80 million worth,” the FBI told Hill . Assumin...

Full article: http://www.dailydot.com/business/dread-pirate-roberts-bit...

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