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Author: Admin | 2025-04-28
Much value. Consider that lesson before buying into schemes like Bitconnect while chasing easy money. Soon after bitcoin was released, it became a popular tool on the dark web. It was an anonymous digital currency that could be sent anywhere in the world with no fees. It was the perfect currency for the dark web.The dark web is the seedy underbelly of the internet. It’s the part of the internet where you can buy drugs, hire assassins, and find illegal content.Mostly, however, the dark web is used to buy drugs. The best-known drug marketplace on the dark web was called Silk Road. One of the major reasons bitcoin is a popular cryptocurrency today is because of Silk Road. You could buy virtually anything, anywhere in the world on Silk Road – as long as you had bitcoin.BITCOIN AND SILK ROAD Silk Road launched in February 2011, then was shut down by the FBI in 2013. Users accessed the website through a secure browser like Tor. You could anonymously browse for drugs online, then purchase drugs (among other illegal substances) with bitcoin.Silk Road took a cut of every transaction on the marketplace. They also charged fees for seller accounts. All of this activity meant that Silk Road was collecting a lot of bitcoin over the years.The FBI shut down Silk Road, arrested the founder of the website in San Francisco, and seized all bitcoin from the website. The FBI ended up collecting 144,000 bitcoins, worth around $30 million at the time. They later found another 144,342 bitcoins on the website founder’s computer.The FBI ended up selling its bitcoin in an auction. The bitcoins were sold in 10 stages starting in June 2014. The price of bitcoin plummeted during the auction, as never before had so many bitcoins been released onto the market simultaneously. The price plummeted from $130 to $80 in seconds before recovering to its pre-auction rate.The creator of Silk Road, Ross Ulbricht (also known under the pseudonym Dread Pirate Roberts online), is currently serving five sentences, including two for life imprisonment without the possibility of parole. He was convicted of money laundering, computer hacking, conspiracy to traffic fraudulent identity documents, and conspiracy to traffic narcotics. His appeals to the US Court of Appeals have been denied.Silk Road is an important story in the history of bitcoin. The rise in the popularity of Silk Road coincided with the rise of
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