Authorities are investigating Bitcoin exchanges with Silk Road ties

[Shawn Knight]

Bitcoin exchanges are again making headlines and not for the reasons they’d like. U.S. authorities are launching an investigation into whether Bitcoin exchanges and other related businesses have any tangible ties with the dark web drug bazaar Silk Road.

Those familiar with the matter recently told the Wall Street Journal that the investigation is at an early stage. We are told that embattled Bitcoin exchange Mt. Gox was among those that received a subpoena from Manhattan federal prosecutors during the winter.

According to sources, prosecutors and FBI agents demanded to see customer transaction logs as well as material related to solicitation of investors. What’s more, they’re also looking into whether the exchange and others processed transactions connected to Silk Road.

It’s unclear which other Bitcoin-related businesses might be under the microscope.

Earlier this year, BitInstant co-founder and CEO Charlie Shrem was arrested and charged with money laundering. Much like Mt. Gox, his company would swap fiat currency for virtual currency and vice verse, collecting a fee on each transaction.

But it’s Mt. Gox that has been stealing Bitcoin-related headlines this year. The exchange shut down without warning on February 25, filing for bankruptcy a few days later. Mt. Gox claimed hackers stole some 850,000 Bitcoins (around seven percent of the total Bitcoins in circulation) worth more than $500 million at the time. They later claim to have found 200,000 Bitcoins stored in an old-format virtual wallet.

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https://www.techspot.com/news/56824-authorities-are-investigating-bitcoin-exchanges-with-silk-road-ties.html

 

[cliffordcooley]

Sheesh!!

And what exactly are they going to do, if they prove anything? How is the outcome to this investigation, going to change the use of Bitcoins?

 

[wastedkill]

Sheesh!!

And what exactly are they going to do, if they prove anything? How is the outcome to this investigation, going to change the use of Bitcoins?

I can read the headlines now from the future! :Authorities scanning bitcoins for possible radiation leaks.

 

[Guest]

We will see more and more headlines about how Bitcoin is being used illicitly! Question is, who controls Bitcoin usage? No one seems to be in ultimate control which is a situation the governments and banks just do not want!!

They will use this "lack of control" to create a negative image of Bitcoin (as is being done in this article which is media controlled propaganda) and then take steps to bring it under control of the banks and governments so that it becomes "safe" in the eyes of the public (problem, solution, reaction tactics). Once achieved they will then roll out the propaganda machine to introduce it as the global one world currency. That's my prediction based on knowing that the overlords of the world governments and banks are the biggest criminals walking this planet and should be shipped off it at the earliest possible opportunity. We need to de-centralise governments and bring back local and self governance with democratic decisions being made by communities which is our right as human beings. In recent years, we have all witnessed how too much power in the hands of a few can destroy our freedoms. Once they have ultimate control over our bartering power in a bartering system, we can be completely enslaved.

 

[Guest]

"Organised Crime" will try to take control.

 

[Guest]

All organisations are criminals, with the sole purpose of serving their members. Those who survive are those who successfully manipulate the law, and eliminate their competitors. It is just a question of which side are you on? (The winning side, he says.)

 

[Camikazi]

We will see more and more headlines about how Bitcoin is being used illicitly! Question is, who controls Bitcoin usage? No one seems to be in ultimate control which is a situation the governments and banks just do not want!!

They will use this "lack of control" to create a negative image of Bitcoin (as is being done in this article which is media controlled propaganda) and then take steps to bring it under control of the banks and governments so that it becomes "safe" in the eyes of the public (problem, solution, reaction tactics). Once achieved they will then roll out the propaganda machine to introduce it as the global one world currency. That's my prediction based on knowing that the overlords of the world governments and banks are the biggest criminals walking this planet and should be shipped off it at the earliest possible opportunity. We need to de-centralise governments and bring back local and self governance with democratic decisions being made by communities which is our right as human beings. In recent years, we have all witnessed how too much power in the hands of a few can destroy our freedoms. Once they have ultimate control over our bartering power in a bartering system, we can be completely enslaved.

Human beings are herd animals and take well to being led. De-centralizing governments won't make anything better it will just eventually result and millions of little governments fighting for control just like they do now. It has always been the same way since very few human beings like to be in charge and like to just follow and do as they are told, one will eventually take control and rule.