26 Oct '13, 3pm

The FBI seizes $28m in Bitcoin. But may not be able to use it... #c4news

The US government has seized a haul of bitcoins worth $28 million USD from the computer of the man linked to the biggest drugs site on the web. The FBI found the bitcoin trove on the computer of Ross William Ulbricht, the Silicon Valley entrepreneur arrested on 1st October and charged on several counts relating to activity on the site Silk Road - an illegal marketplace that sold drugs, personal data and other illegal goods and services. It is alleged that Mr Ulbricht, a former physics student, was the mastermind behind the site. Trade on Silk Road took place in bitcoin, a virtual and anonymous currency that is guaranteed by cryptography rather than banks. The anonymous nature of currency made it natural for the marketplace. The FBI previously took $3.6m bitcoins from Silk Road users after raiding and shutting down the site at the beginning of October, so the new haul bring...

Full article: http://www.channel4.com/news/fbi-bitcoin-seizure-silk-roa...

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FBI makes record $28 million Bitcoin bust

FBI makes record $28 million Bitcoin bust

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