Silk Road news

Silk Road was an online black market and the first modern darknet market, best known as a platform for selling illegal drugs.

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Petition for Clemency for Silk Road Founder Ross Ulbricht Nears 200k Signatures

Silk Road founder Ross Ulbricht has spent six years in prison and has 34 years and two life sentences to go unless a petition spearheaded by his mother and sister lead to a grant of clemency. 195K Signatures and Counting For Ulbricht A petition seeking clemency for Silk Road founder Ross Ulbricht is quickly approaching 200,000 signatures. Ulbricht is currently serving a 40-year sentence on top of a double life sentence for his role as the leader of the defunct black market website. Ulbricht is only six years into his sentence and his mother Lyn Ulbricht recently attended a blockchain conference in Toronto to advocate for her son. Ms. Ulbricht is hopeful that if she collects enough signatures President Donald Trump will grant her son clemency. The online petition currently has more than 195,000 signatures, including those of Litecoin creator Charlie Lee, Roger Ver and billionaire Bitcoin bull, Tim Draper. A number of politicians and movie stars have also expressed their support for Ross Ulbricht.  According to Ms. Ulbricht, Ross is a good person, an idealist, and a libertarian. She said:  I didn’t think of him as someone who was interested in technology persay, but he was interested in Bitcoin because he was a freedom guy. He worked on the Ron Paul [Presidential] campaign. He was very interested in Bitcoin as a means to monetary freedom for people.  The Audacity of Hope Both Ms. Ulbricht and Ross’s sister Cally are placing their hopes in the Change.org petition, and nothing would make them happier than to have Ross home for his 36th birthday. Ross also appears to be wishing for the same outcome and a recent tweet of a handwritten note expresses his desire to “turn 36 in freedom”.  President Trump Can Save the Day It’s hard to calculate the possibility of Ulbricht attaining freedom in the near future. Fortunately, President Donald Trump has proven to be dedicated to prison reform and a number of convicted criminals have seen their sentences commuted or have received pardons from the President. Convincing Donald Trump to grant Ulbricht clemency could be the last stop as the U.S. Supreme Court chose not to hear Ulbricht’s case for appeal in June 2018.   Placing all of one’s hope in President Trump could lead to disappointment however, because the President previously has tweeted his disdain for cryptocurrencies.    Trump is clearly not a fan of cryptocurrencies and aligns their use with criminal activity.  Regardless of the outcome, Lyn Ulbricht hopes that blockchain and cryptocurrency investors at least recognize that her son’s early involvement in the sector served as a catalyst for bringing Bitcoin and its underlying blockchain technology into the public sphere. Ms. Ulbricht said:  …if it weren’t for Ross and his vision, very few people would have heard of Bitcoin and many of the people would have heard of Bitcoin and many of the people who have become wealthy would not be wealthy if not for Ross. I’m asking them please don’t forget him. He helped make this possible and now we need your help.” Do you think the Ulbricht’s will collect enough signatures to bring the issue of Ross’s freedom before President Trump ? Share your thoughts in the comments below!  Images from Shutterstock: @realDonaldTrump, @RealRossU   The post Petition for Clemency for Silk Road Founder Ross Ulbricht Nears 200k Signatures appeared first on Bitcoinist.com.
Bitcoinist

Bitcoin History Part 15: Silk Road Is Born

Silk Road launched in February 2011 as the darknet’s first bitcoin-based marketplace. Within four months, it would be the darknet’s most notorious site whose reputation extended all the way to the U.S. Senate. The origins of the drugs marketplace can be traced back further, however, to a philosophical thread on the Bitcointalk forum. It was only later that the significance of this thread would be fully appreciated. Also read: Bitcoin History Part 14: The 1,000 BTC Poker Game ‘A Heroin Store’ “As a Libertarian, the thing I love most about the Bitcoin project is the chance that it could be truly disruptive,” wrote early Bitcointalk user ‘teppy.’ It was June 2010, and Bitcoin was still very much in its infancy, with its potential use cases still being figured out. “I think that drug prohibition is one of the most socially harmful things that the US has ever done, and so I would like to do a thought experiment about how a heroin store might operate, accepting Bitcoins, and ending drug prohibition in the process,” continued teppy, before outlining his idea for how such a venture would operate. The proposal was cautiously welcomed, with some users highlighting the hazards (“US government has endless resources and nothing to stop them from doing things they’re not supposed to … I think if it’s high profile enough you would still get busted somehow, something you didn’t think of”) and others elaborating on how it might work. Although the thread was provocatively titled “A Heroin Store,” one user suggested a marijuana store would be preferable because “the risk of getting caught is much more calculable. Your clients are much trustworthier, and your competitioners are not as dangerous.” A Framework for Silk Road Although they couldn’t have known, the participants in the thread were brainstorming what would become Silk Road. From the use of Tor to the way packages could be shipped, it was all laid out. It is unclear if the discussion directly inspired Dread Pirate Roberts, or merely crystallized an idea he already had forming, but within two months of the thread appearing, he had begun work on Silk Road. On Jan. 29, 2011, user “altoid” posted a since-deleted response in the heroin store thread that read: What an awesome thread! You guys have a ton of great ideas. Has anyone seen Silk Road yet? It’s kind of like an anonymous amazon.com. I don’t think they have heroin on there, but they are selling other stuff. They basically use bitcoin and tor to broker anonymous transactions. It’s at http://tydgccykixpbu6uz.onion. Those not familiar with Tor can go to silkroad420.wordpress.com for instructions on how to access the .onion site. Let me know what you guys think. “So here we go, first Bitcoin drug store,” replied one user. “We’re going into deep water faster than i thought then. I wonder how long will it take for govs to start investigating Bitcoin.” Five months would prove to be the answer, after a Gawker article blew it wide open. Adrian Chen’s article would go on to accrue 3 million reads and spark a DEA investigation into Silk Road. Lost Innocence In early 2011, however, the world at large knew nothing about Silk Road, which was still the preserve of a few libertarians and free-thinkers on an obscure forum dedicated to magical internet money. On March 1, 2011, new user “silkroad” started a thread to promote the anonymous marketplace. The site had only been running for three weeks but “I am very pleased with the results,” they remarked. “There are several sellers and buyers finding mutually agreeable prices, and as of today, 28 transactions have been made!” In time, those numbers would swell to thousands a day, with the site eventually racking up 1.2 million transactions. The community spirit that characterized the Bitcointalk forum in those early days was readily apparent, as users filled the thread with suggestions on how Silk Road could be improved. Meanwhile, in the original heroin store thread, one user wrote a prediction on March 24, 2011 that would prove prescient: “Everything … is easily traceable. Using normal mail, there is 99,9% probability you will be caught sooner or later. Actually, anything physical (leaving physical traces) or involving third person is easily traceable, because you only need to find weak link in the chain to find the seller. People are usually the weakest links.” He finished: I hope silkroad realizes this, because if he doesn’t … sooner or later he will be caught. Bitcoin History is a multipart series from news.Bitcoin.com charting pivotal moments in the evolution of the world’s first cryptocurrency. Read part 14 here. Images courtesy of Shutterstock. You can now easily buy bitcoin with a credit card. Visit our Purchase Bitcoin page where you can buy BCH and BTC securely, and keep your coins secure by storing them in our free bitcoin mobile wallet. The post Bitcoin History Part 15: Silk Road Is Born appeared first on Bitcoin News.
Bitcoin News

Report: Bitcoin [BTC] Usage in ‘Silk Road’ Activity Reduced to a Minimum

Bitcoin [BTC] rose to popularity in its early days mainly attributing to its use on the silk road. The anonymous currency was perceived as the choice exchange for conducting illicit activities. However, the KYC and AML laws, along with strict surveillance, have reduced its use in illegal activities considerably. So much so, that recent analyses by research firms, Elliptic and Chain-analysis suggest that the illicit activity percentage on Bitcoin is less than 2%. Nevertheless, in the initial stages of the study conducted only on 203,769 transactions by Elliptic. They mapped the data with known entities and found that out of 200k, only 2% were illicit. Elliptic co-founder Tom Robinson told the media, “A big problem with compliance, in general, is false positives. A big part of this research is minimizing the number of false positives. The key finding is that machine learning techniques are very effective at finding transactions that are illicit.” False positives are the erroneous data, which gives an incorrect result or inference. This can be related to the earlier estimates on illicit activity on Bitcoin. Moreover, the report does not only aims to project the actual picture but also draw attention to the real cause of problems. Money-Laundering is the fuel which keeps churning the machines for conduction criminal activities. MIT researcher Mark Weber who partnered in the research told the media, “We are also hoping the release of the Elliptic Data Set inspires others to join the effort to help make our financial systems safer by developing new techniques and models for AML.” Chainalysis’s report gave a more detailed view of its relation with Bitcoin. According to their estimation, illicit transactions worth about $1 billion could be conducted on Bitcoin in 2019. The percentage of such transactions using BTC has fallen from 7% to 1%. Hannah Curtis, Chainalysis Senior Product Manager, claimed, “We see a growth in the absolute value of darknet market activity in the last decade as well as a decrease in the percent of that activity as it relates to total cryptocurrency activity,” Hence, as the correlation with growing criminal activity on the dark web with cryptocurrencies is decreasing, FIAT or other sources of Exchange usage is on the rise which might be ignored by authorities. Some reports have also suggested that a third of USD transactions is illicit. Do you agree with it? Please share your views on it.  The post Report: Bitcoin [BTC] Usage in ‘Silk Road’ Activity Reduced to a Minimum appeared first on Coingape.
CoinGape

Ohio Man Arrested for Attempting to Launder $19 Million via Silk Road

Authorities recently arrested an Ohio man on Thursday accusing him of attempting to launder $19 million using the dark web marketplace Silk Road. It is one of the most infamous spaces on the dark web known to the mainstream which sells everything from weapons to hacking software, illegal drugs, and fake passports. But Silk Road is dead Silk Road was shut down in 2013, but the federal authorities are not done with people involved in illegitimate activities on the platform. ON Thursday, they charged an Ohio making money via drug deals on the marketplace and then trying to launder than money using Bitcoin. The man, identified is Hugh Brian Haney of Columbus, Ohio was involved in “large-scale narcotics trafficking” when Homeland Security agents were investigating the platform between 2011 and 2012.   In just two years of its existence, Silk Road became a prominent dark web market with over $200 million in transactions done using bitcoin. This helped users remain anonymous and practically untraceable. The marketplace was founded by Ross Ulbricht in 2011 who operated it using a pseudonym “Dread Pirate Roberts.” He said that he was looking to create a “freewheeling, free-market site.” Drug deals on the platform By summer 2011, the website quickly started gaining significant buzz after which the Justice Department and the Drug Enforcement Administration started investigations into the marketplace. The FBI then shut down the website in October 2013 and Ulbricht was sentenced to life in prison two years later. He was found guilty of drug trafficking, money laundering, and computer hacking. The government stated that the website hosted “several thousand drug dealers” who were selling products to more than 100,000 anonymous buyers. They not just made millions of dollars’ worth of illegal sales but also laundered the money gained from these transactions. The Bitcoins seized by FBI during their investigations were sold for $48 million by the government. US Attorney for the Southern District of New York specified that Haney was one of the users of the website and used it “as a means to sell drugs to people all over the world. Then he allegedly laundered his profits — more than $19 million — through cryptocurrency. ”[The] arrest should be a warning to dealers peddling their drugs on the dark web that they cannot remain anonymous forever, especially when attempting to legitimize their illicit proceeds.” He was allegedly using a pseudonym “Pharmville” to trade in fentanyl, ketamine, and OxyContin on the website. His drug sale proceeds were transferred to the accounts of an unidentified crypto exchange in February 2018 which was later exchanged for cash. The post Ohio Man Arrested for Attempting to Launder $19 Million via Silk Road appeared first on FXTimes.com - Daily Cryptocurrency and FX News.
Cryptovibes

Silk Road drug dealer arrested in the US on money laundering charges

Hugh Brian Haney, a dark web drug dealer was arrested in the United States for allegedly laundering his drug money worth $19 million with the help of cryptocurrencies. The news of his arrest was announced by United States Attorney for the Southern District of New York Geoffrey S. Berman through a press release which was […] The post Silk Road drug dealer arrested in the US on money laundering charges appeared first on AMBCrypto.
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TriveAcademy Awarded the Bloconomic Excellence Award at the Bloconomic Expo 2019

TriveAcademy, a player in building the blockchain technology infrastructure which also conducts training classes and consultation processes was awarded for the “Bloconomic Excellence Award – Best Blockchain Technology Developer Award” at the  Bloconomic Expo 2019. The Bloconomic Expo 2019 is organized by the Malaysian Blockchain Association and Alphacap Sdn. Bhd. As a sponsor partner for Bloconomic event, TriveAcademy has presented their latest technology and applications of Trivechain 2.0 to the public at the expo. Trivechain just launched TRVC App which all the speakers’ and volunteers’ certificates is been blockchain in their TRVC app. After a successful fork on April 22, 2019, the new version of Trivechain 2.0 has been successfully forked, deployed and is running steadily. Trivechain 2.0 has include major changes such as adjustments to their Proof-of-Work algorithm from X11 to X16R and Proof-of-Stake collateral from 1,000 TRVC to 10,000 TRVC. The mining hash rate and the number of masternode needs to catch up slowly and be supported by a new community. The hash power and number of masternodes is increasing gradually every day indicating a significant increase from the date it was forked. In an interview with Tan, he said that “Trivechain 2.0, as a blockchain platform, will create a highly compatible community to attract developers and entrepreneurs around the world to become part of the Trivechain community. This community along with a number of open source products will offer and create a more conducive ecosystem for developers. This allows the chain to provide the most favorable conditions for its users to develop its application.” Trivechain 2.0 is offering another alternative open source platform for developers to develop their new blockchain base business ventures. The platform is ready for deployment and for those who are interested to catch new mining trend. Come and join the Trivechain community! You are invited to apply for the development fund through the DAO governance system to build a friendly and efficient development ecosystem in the blockchain environment. Visit the official website at www.trivechain.com for more details. About Trivechain (TRVC): Trivechain (TRVC) is a games and entertainment public blockchain protocol managed by Decentralized autonomous organization (DAO) which focuses on games and entertainment to enter the new era digital age with implementation of blockchain-based technology and DApps (decentralized applications). Facebook: https://www.facebook.com/trivechainMedium: https://medium.com/trivechainTwitter: https://twitter.com/trivechain_trvcReddit: https://www.reddit.com/user/TRVC-2Telegram: t.me/trivechain The post TriveAcademy Awarded the Bloconomic Excellence Award at the Bloconomic Expo 2019 appeared first on Bitcoin Garden.
Bitcoin Garden

Wanchain, Civic, Aion and Tael Top All Cryptos; Coins in Aggregate Up 3.13% Overall, 34 Coins Cross Key Moving Average

The Big Winners From Yesterday Over the past day, the top performing coin out of the 133 coins we are tracking was Wanchain, which offered a day-over-day return 90.53%. Rounding out the top four currencies for the day were Civic, Aion, and Tael, which provided holders with returns of 27.02%, 26.53%, and 22.7% for the day. These moves were quite significant, in the sense that they were well outside of the volatility each of the respective coins had seen for the past two weeks. Crypto brokers to trade the currencies mentioned here: Gate, Yobit, Stex, Binance, DDEX, ETHfinex The Crypto Big Picture Overall, the average change in coin price for the coins we’re tracking was up 3.1253%. On a more granular level, 65% of the coins we’re tracking were up while 35% of the coins were down. Below we can see the average daily change for the coins we are tracking our index over time. 34 coins are especially close to their 20 day moving average, and thus may be worth watching for technical traders who view the 20 day moving average as a key support/resistance level. Crypto brokers to trade the currencies mentioned here: Gate, Yobit, Stex, Binance, DDEX, ETHfinex Currencies With Significant Price Moves Here’s a list of the specific coins that crossed their key moving average level: Status, district0x, Loopring, 0x, SingularDTV, SONM, IOTA, Verge, AirSwap, Request, Viberate, Power Ledger, Ripio Credit Network, Agrello, BlockMason Credit Protocol, Aeron, Genesis Vision, Po.et, Tierion, Tael, Time New Bank, Waves, OST, NavCoin, Lunyr, AppCoins, VIBE, Nucleus Vision, POA Network, Groestlcoin, Skycoin, Civic, Streamr DATAcoin, Dock. Also of note is that 66 of the 133 we track have contracting volatility. Volatility contraction often precedes a breakout, so this may be something to watch. Below is a chart that zooms in a bit more, showing 4 coins trading below their 20 day moving average and exhibiting contracting volatility. Are these coins ready for a rally? Crypto brokers to trade the currencies mentioned here: Gate, Yobit, Stex, Binance, DDEX, ETHfinex Article by SixJupiter The post Wanchain, Civic, Aion and Tael Top All Cryptos; Coins in Aggregate Up 3.13% Overall, 34 Coins Cross Key Moving Average appeared first on DecentralPost.
DecentralPost

Futures trading platform Digitex prepares for public testnet, announces release date

Digitex, a trading platform for crypto futures contracts, announced today that it will be launching its public testnet on Nov. 30, 2019. The exchange plans to open their market starting with BTC/USD perpetual swap contracts. According to the exchange website, contracts for additional coins will be added based on user demand. For market makers and takers, Digitex won’t charge for any transactions. The project plans to cover all operational costs by creating value/demand around the Digitex Futures (DGTX) token. It will do this by minting a small number of tokens each year. The exchange will launch as a centralized exchange first but will continue to work on providing users with non-custodial (decentralized) accounts. This will allow users to have 100% ownership of their funds at all times while still able to make real-time trades and lightning speed. You know that Adam has been busy behind the scenes preparing to launch the game-changing, robust & rapid-fire #DigitexFutures #Exchange. But, our marketing efforts have been ramping up too & we’re pleased to announce that our community is growing globally! https://t.co/O8Ll6n9ot4 — Digitex (@DigitexFutures) August 21, 2019 Trading On The Testnet SmartDec, the development firm working with Digitex, is developing and vigorously testing the platform, preparing it for production. On the testnet, the firm says the exchange will be able to handle over 10,000 users trading concurrently and up to 50,000 transactions per second. A date has not been set for the Digitex platform’s mainnet launch yet, but the project team has said that testnet trading is anticipated to last for two months. After the testnet stage wraps up, Digitex plans to launch on the Ethereum mainnet. At that time, users can trade futures contracts in real-time using DGTX tokens. 2019: The Year of Crypto Futures Trading As it stands, 2019 is shaping up to be an important year for emerging futures trading platforms in crypto. The launch of Bakkt, another highly-anticipated trading platform, is scheduled for Sept. 23, 2019. Bakkt has garnered a lot of media attention thanks to the establishment of major partnerships and its focus on support for institutional investors. Digitex is aiming to appeal to a broader range of users and traders. According to the Digitex homepage, the platform has over 1.54 million signups on its waitlist. The post Futures trading platform Digitex prepares for public testnet, announces release date appeared first on CryptoSlate.
Cryptoslate

Blockchain.com integrates BitPay into its wallet

Blockchain, a cryptocurrency wallet and trading platform, has partnered with cryptocurrency payments processor, BitPay. According to a blog post by Blockchain, the firm has integrated BitPay into the Blockchain Wallet so users "can pay for products and services from an extensive network of merchants without ever giving up control of your private keys."  Blockchain is one of the largest cryptocurrency wallet providers in the world with approximately 41 million users to date. The firm recently announced the launch of a cryptocurrency exchange focused with a focus on fast trade execution.
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