03 Oct '13, 9am

Bitcoin tumbles on closure of drugs black market the Silk Road

Bitcoin tumbles on closure of drugs black market the Silk Road

The indictment alleges since the Silk Road emerged online in 2011, it has been used to exchange 9.5 million Bitcoins, worth more than $1.3bn at yesterday’s price and representing the majority of the 11.8 million Bitcoins in circulation. The service made more than $80m in commission, according to the indictment, and agents seized 26,000 Bitcoins worth $3.6m from Mr Ulbricht. The closure of the Silk Road is the latest controversy to cause wild fluctuations in the value of Bitcoin, which has been targeted by speculators and allegedly used by criminals to launder money and run online extortion rackets. The FBI noted the currency itself is not illegal, however. Special Agent Christopher Tarbell said: “Bitcoins are not illegal in and of themselves and have known legitimate uses. “However, Bitcoins are also known to be used with cybercriminals for money-laundering purposes, given...

Full article: http://www.telegraph.co.uk/finance/currency/10352176/Bitc...

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Bitcoin price plummets after Silk Road closure

Bitcoin price plummets after Silk Road closure

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