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Former US Secret Service agent to plead guilty to theft of $820K in bitcoin

By Dirk Libbey ยท 10 replies
Jun 22, 2015
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  1. secret service plead guilty theft bitcoin silk road

    One of the key features of Bitcoins are their inherent lack of oversight. Transactions occur between parties without confirmation from a bank or other third party. This apparent anonymity can make them appealing for use in criminal activity. They are not, however completely untraceable, as a former Secret Service agent is now aware. While the 2013 sting that closed down the Silk Road took a down a major source of illegal drugs on the internet, the sting itself led to it's own illegal activity. One of two federal agents who were charged with stealing hundreds of thousands of dollars of dirty money, all of it in bitcoin, is about to plead guilty.

    Shaun Bridges worked for the US Secret Service in computer forensics as part of a Baltimore-based task force when they arrested Curtis Green, an administrator for the Silk Road, a deep web marketplace focused on the illegal drug market. Bridges then took passwords obtained from Green and allegedly used them to funnel $820,000 worth of bitcoins out of the accounts of Silk Road drug dealers, and into his own.

    Speaking with Bloomberg News, Bridges attorney, Steve Hale Levin stated, “Mr. Bridges has regretted his actions from the very beginning...his decision to plead guilty reflects his complete acceptance of responsibility and is another step towards rehabilitation.” Bridges is expected to plead guilty to money laundering and obstruction of justice in a court proceeding at the end of August.

    Charges are still pending against Carl Force, a DEA agent who is charged with attempting to extort Silk Road founder Ross Ulbricht who was arrested as part of the sting operation and was convicted last month of drug trafficking. A charge of murder-for-hire, stemming from Bridges' theft, is still outstanding against Ulbricht.

    Image Credit: Julia Zakharova via Shutterstock

    Permalink to story.

  2. agb81

    agb81 TS Booster Posts: 79   +38

    Of course he feels guilty, he's got caught!

    Would have been the other way and he'd been happily spending that cash away.
  3. Never stood the appeal of stealing pocket change. Especially when the consequence include years behind bars.
  4. If close to a mill is "pocket change"...
  5. Skidmarksdeluxe

    Skidmarksdeluxe TS Evangelist Posts: 8,647   +3,286

    Pocket change? Do you realize how well I (and millions of others) could live on that kind of chump change if I was never caught?
  6. Yes, pocket change. $820,000 is enough cash to live an ordinary lifestyle for approximately 12-15 years in the US. Risking several years in prison for the luxury of not having to work for a decade or to grow a nest egg seizable by the USG upon discovery is economically inept. It's functionally retarded for anyone who would take such risks simply for the sake of consumption.

    I'm a trader. I've seen guys toss around $250,000+ positions on a daily basis without so much as a batting an eyelash. And not institutional "get paid for losing the client's money" positions either. A one-time profit of $820,000 is such a trivially small amount of money in the context of today's economy that risking jail for it is borderline insanity. A multi-million dollar (or billion dollar) Ponzi scheme? I see the incentive. Thieving several hundred grand because you think you can get away with it? I see a short-term thinker who doesn't understand the concept of risk/reward.
    RebelFlag likes this.
  7. Nitrotoxin

    Nitrotoxin TS Addict Posts: 142   +96

    Should have sent the money to offshore bank accounts and left the country... *******...
  8. Skidmarksdeluxe

    Skidmarksdeluxe TS Evangelist Posts: 8,647   +3,286

    I don't care what other people do with their money, as long as mine is not involved, I've worked too hard for it to throw it around willy nilly.
    The old adage still stands, if you can't do the time then don't think of doing the crime.
    agb81 likes this.
  9. Lightspeed

    Lightspeed TS Enthusiast Posts: 39

    Corrupt bitches, they deserve it. They swore an oath to serve & protect & integrity. Getting caught, then pleading as a sign of repentence is not repenting. It's "I'm busted" and "hope the Judge thinks I mean it & give me a lighter sentence"...

    ANTEATER TS Rookie


    ANTEATER TS Rookie

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