FBI arrests Silk Road drugs site suspect

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FBI arrests Silk Road drugs site suspect

Post by cronus » Wed Oct 02, 2013 5:41 pm

http://www.bbc.co.uk/news/technology-24373759

FBI arrests Silk Road drugs site suspect

The FBI has announced the arrest of the suspected operator of the Silk Road - a clandestine online marketplace for drugs and other illegal items.

A spokeswoman said that Ross William Ulbricht was arrested "without incident" by its agents at a public library in San Francisco on Tuesday.

She added he had been charged with conspiracy to traffic narcotics.

The FBI said it has also seized approximately $3.6m (£2.2m) worth of bitcoins - a virtual currency.

The agency described it as the biggest Bitcoin seizure to date.

The Silk Road itself is now offline - those trying to access it are presented with a notice saying the site has been seized.

(continued, even less of you here next week I'm guessing?) :read:
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Re: FBI arrests Silk Road drugs site suspect

Post by JimC » Wed Oct 02, 2013 9:27 pm

The Yellow Brick Road site will open next week...

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Re: FBI arrests Silk Road drugs site suspect

Post by pErvinalia » Thu Oct 03, 2013 12:02 am

:lol:

They ought to just call it "Station Road" and then it won't stand out. Or maybe "Main Street".
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Re: FBI arrests Silk Road drugs site suspect

Post by JimC » Thu Oct 03, 2013 12:13 am

rEvolutionist wrote::lol:

They ought to just call it "Station Road" and then it won't stand out. Or maybe "Main Street".
Mainline Street...

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Re: FBI arrests Silk Road drugs site suspect

Post by Svartalf » Thu Oct 03, 2013 12:18 am

A shame, a nice experience down the drain
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Re: FBI arrests Silk Road drugs site suspect

Post by Audley Strange » Thu Oct 03, 2013 12:19 am

They should have called themselves International Narcotics Sales, I bet the feds would have went "nah too obvious." Or at least operated out of a country that was less likely to arrest them.
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Re: FBI arrests Silk Road drugs site suspect

Post by Skepticus » Thu Oct 03, 2013 12:47 am

Scrumple wrote:http://www.bbc.co.uk/news/technology-24373759

FBI arrests Silk Road drugs site suspect
:bored:
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Re: FBI arrests Silk Road drugs site suspect

Post by Skepticus » Thu Oct 03, 2013 12:48 am

JimC wrote:
rEvolutionist wrote::lol:

They ought to just call it "Station Road" and then it won't stand out. Or maybe "Main Street".
Mainline Street...

:sofa:

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Re: FBI arrests Silk Road drugs site suspect

Post by Xamonas Chegwé » Thu Oct 03, 2013 12:51 am

The report says that $3.6m in bitcoins was confiscated. How does that work exactly? They took a computer that had the BCs in an electronic wallet? So what happens to those coins?

Also, on a similar point, what happens if you accidentally wipe the HD of a device that is storing your coins? Where do they go? Do they disappear?



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Re: FBI arrests Silk Road drugs site suspect

Post by Skepticus » Thu Oct 03, 2013 2:49 am

Xamonas Chegwé wrote:The report says that $3.6m in bitcoins was confiscated. How does that work exactly? They took a computer that had the BCs in an electronic wallet? So what happens to those coins?
Could't possibly confiscate the bitcoin unless the guy was very careless. Maybe he kept them all in the same wallet that he ran the website from. If you had that kind of loot, you'd spend it into cold storage on an encrypted drive FFS. :nono:

Looks like they are being used to cause a panic sell off. Unload that much coin suddenly and you cause a sudden drop that might cause panic merchants to !!!SELL!!!

Interesting point thoug Xam. If they did drop the bundle, then there may be some recriminating backlash for the law enforcement officials. Cashing in drug proceeds?

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Also, on a similar point, what happens if you accidentally wipe the HD of a device that is storing your coins? Where do they go? Do they disappear?
Well that depends on weather you backed up. You dont actualy need to have the original wallet as those coins exist on a disributed database. The bitcoin adresses are accesed using a private key. That is your secret code to prove those bitcoins are yours. As long as you can recover that privete key and you still have the address, you can recover your bitcoin. The private key can be saved as a QR code or string of characters and kept on an encrypted thumb drive off-line or can even be printed on paper. There's also a tequniqe called a brain wallet that can use a secret pasphrase and turn that into a secondary key, that you use to get back your private key. I've never tried it but it sounds quite excelent.
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Re: FBI arrests Silk Road drugs site suspect

Post by Skepticus » Thu Oct 03, 2013 3:12 am

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Re: FBI arrests Silk Road drugs site suspect

Post by Skepticus » Thu Oct 03, 2013 5:09 am

The parting shot posted on the Silk Road forum by it's head Admin:

No testimony is sufficient to establish a miracle, unless that testimony be of such a knd, that it's
falsehood would be more miraculous, than the fact which it endevours to establish. ~~~ David Hume
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Re: FBI arrests Silk Road drugs site suspect

Post by cronus » Thu Oct 03, 2013 5:20 am

Don't trade drugs on the net. Use a street dealer you know and trust in your local area. :coffee:
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Re: FBI arrests Silk Road drugs site suspect

Post by Skepticus » Thu Oct 03, 2013 6:32 am

Scrumple wrote:Don't trade drugs on the net. Use a street dealer you know and trust in your local area. :coffee:
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Re: FBI arrests Silk Road drugs site suspect

Post by cronus » Thu Oct 03, 2013 6:56 am

Skepticus wrote:
Scrumple wrote:Don't trade drugs on the net. Use a street dealer you know and trust in your local area. :coffee:
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