• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback

Alleged Silk Road Drug Dealer Arrested For Using Bitcoin For Money Laundering

Tony Spilotro by Tony Spilotro
4 years ago
in Cryptocurrency news, Bitcoin
Reading Time: 3 mins read
Advertisement

Silk Road, a dark web drug market founded by Ross Ulbricht under the pseudonymous nickname “Dread Pirate Roberts” has had a critical impact on Bitcoin. While it’s associated with the dark web marketplace has forever left a stain on the crypto asset, Bitcoin may also not be where it is today if it didn’t catch on as the currency of choice for Silk Road, due to the layer of anonymity it provides.

Silk Road has now been defunct for going on over five years now, yet its still harming the reputation of Bitcoin and crypto, and its use in a money laundering case that has ties to Silk Road couldn’t have come at a worse time for the industry, as politicians and financial regulators look to demonize the crypto asset for its use in illicit criminal activity.

Ohio Man Used Bitcoin to Launder $19 Million in Silk Road Proceeds

Silk Road, a dark web marketplace named after an ancient network of trade routes in the Asian-Pacific region, has been out of business since 2014 when its pseudonymous founder was arrested. But it’s long-term impact on a cryptocurrency founded by yet another pseudonymous creator is still being felt – both positive and negative.

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.
No Deposit 40 FREE SPINS at Wild.io on SIGN UP. Wheel of fortune, daily bonuses, 10 BTC in prizes monthly! Start Playing Now!

While Bitcoin, created by the mysterious Satoshi Nakamoto may never have made it this far without it being used for its intended use – as a peer-to-peer digital cash system – it also continues to have its reputation damaged by Silk Road by association with the criminal activities that were found there.

Related Reading | Dr. Doom Roubini Fuels Criminal Crypto Concerns With Scathing Bitcoin Op-Ed 

Silk Road sold everything from humans to bombs, to drugs. And it was mostly bought and sold using Bitcoin. To this day, Bitcoin is called out for its use in money laundering, cybercrime, ransomware, and more – while fiat currency is treated like a saint. Drug addicts often roll up the paper currency and use it as a drug delivery vehicle, or pay for the said drugs with cash, yet even the United States own Secretary of Treasury believes that cash isn’t as associated with crime as Bitcoin is.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

In this latest example of Bitcoin and its reputation being dragged through the mud at not fault of its own, an Ohio man named Geoffrey S. Berman is being accused of laundering more than $19 million in profits he generated from the proceeds of drug sales on Silk Road. Authorities claim that Berman claimed he earned the Bitcoin through his mining operations, but was later caught and all funds were seized.

Prosecutors say 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,” suggesting that authorities are getting better and better at tracking Bitcoin transactions.

Related Reading | US Treasury Increases Regulatory Pressure on Crypto, Warns of Its Unlawful Uses 

Berman is charged with concealment money laundering and engaging in a financial transaction using illegally obtained funds, and is facing up to 30 years combined in prison for the two offenses should he be found guilty. With the current climate in Bitcoin, prosecutors may seek to make an example out of Berman, as they fear Bitcoin is used widely for such reasons.

Tags: bitcoincryptodark webMoney LaunderingRoss UlbritchSilk Road
Tweet123Share233ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

Related Posts

Bitcoin Investors Turn Greedy For First Time Since March 2022

Bitcoin Investors Turn Greedy For First Time Since March 2022

1 hour ago
Aave V3 Ethereum

Aave V3 Is Live On Ethereum, TVL Up 24% In One Month

2 hours ago
What Is Threshold (T) And Why Is This Lesser-Known Coin Swelling By 146%?

What Is Threshold (T) And Why Is This Lesser-Known Coin Swelling By 146%?

3 hours ago
Dogecoin

Dogecoin Ascent Slows, But Why Are Analysts Still Bullish About The Memecoin?

4 hours ago
Crypto Uniswap

Uniswap Founder: People Rooting For Crypto To Be Shut Down Are Cringe

6 hours ago
Bitcoin Supply In Loss

Bitcoin Supply In Loss Hits A 9-Month Low

7 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.