What Was the Silk Road?
The Silk Road was an online black market that operated on the dark web and was eventually shut down by the FBI.
It notably accepted Bitcoin as a form of payment for transactions.
Bitcoin was designed with anonymity as a key feature, offering privacy in transactions.
However, this anonymity relies on the absence of a transaction trail.
Ross Ulbricht’s Infamous Online Marketplace
The Silk Road was created in 2011 by Ross Ulbricht.
It served as a marketplace where individuals could order illicit goods, including fake IDs and drugs.
Customers of the Silk Road often used cryptocurrencies as a means of payment.
The marketplace gained notoriety for its involvement in the illegal narcotics trade.
It is estimated that the Silk Road generated approximately $1 billion in revenue over two years.
The Silk Road’s Cryptocurrency Seizure
When the FBI shut down the Silk Road in October 2013, they seized 173,991 Bitcoins.
However, it is speculated that at least 444,000 Bitcoins remain missing.
Ross Ulbricht is suspected of having access to another computer that may hold the details of the missing Bitcoins and lost coins.
He was found guilty on all seven charges by a Manhattan court.