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Saturday, November 28, 2020

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In recent years, a new currency has been brought on the rise known as Bitcoin. Bitcoin has brought a new decentralized peer to peer system for new payment transactions for digital money. Some analysts begin to explain bitcoin as the cash for the Internet. While the world has been able to benefit from Bitcoin, it has introduced itself into the Silk Road, the dark web market. The dark web or the Silk Road is a special portal for people to sell and buy drugs and facilitates other illegal activities. Around 950 dollars of Bitcoin was moved out of the Silk Road from a wallet, as reported by Elliptic.

Federal Authorities take charge of Silk Road scandal:

It was the understanding of blockchain analysts that it might be the world of Ross Ulbricht, the owner of Silk Road. So the real question is how and who did move 1 billion dollars worth of Bitcoin that is tied to the Silk Road? This was found in the report of the London-based reporting analysts of Bitcoin by the name of Elliptic. Soon this incident caught the eye of the  Federal authorities and Silk Road was blocked. Ross, Ulbricht was then sentenced to lifetime prison. 

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The site was now further blocked after the Federal authorities understood that it was part of the Darkweb and illegal activities were taking place under there. Elliptic who is also known for tracking cryptocurrencies and its whereabouts found more information about the Silk Road scandal. It reported that 69369 bitcoins were moved out of a wallet. This is worth 950 million dollars. This was probed to the Federal authorities by the study of CoinDesk. CoinDesk also confirmed that some hackers had the password to the encrypted file to access the Bitcoins. 

Even though Ross Ulbricht was now in lifetime prison, his subordinate hackers might have access to these files and they might carry out the rest of the crime was what is in the mind of the Federal Authorities. The password was soon to be cracked to move the Bitcoins was a possibility the Federal Department was worried about. Furthermore, the Federal Department has been successful in gathering 174 thousand bitcoins from the Silk Road that was an unauthorized purchase. Around 440 thousand was found from Ulbricht. However, the FBI has been thought to be working on the case relentlessly as they did not comment or answer much to CNBC.

Cryptocurrencies’ reach:

It is understandable that most part of the market now functions with cryptocurrency. Many companies such as PayPal and Facebook trade in bitcoin. Even they have been the target of scrutiny quite a bit, it is understandable that the future would be run by digital money. This is why missing Bitcoins from the wallet by Silk Road is never good news. Analyst companies such as Elliptic and Chain analysis have been trying hard to legitimize the use of Bitcoin by educating the world more about its future money. 

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