Posted By thestatedtruth.com on October 26, 2013

Well, there she blows…..$29 million thought to be safely locked up in BitCoins by Ross William Ulbricht also known as The Dread Pirate, just fell out of the sky and into the laps of the Fed’s. Actually it looks like the encryption code wasn’t as tough to crack as thought. Read more about this by clicking here; The BitCoin Model Is Being Challenged By A Huge Federal Bust Of Anonymous Internet Kingpin Silk Road Website And Owner  and here:  The Big Question We’re Currently Asked About, Relates To The Silk Road Website…Yes, The One That Was Just Taken Down By The FBI…So What Exactly Is Tor, And How Did It Work Anonymously? 

According to Reuters:

Federal prosecutors have found an additional $29 million, or 144,336 BitCoins, belonging to Silk Road’s” the Dread Pirate”. The stash was discovered on “computer hardware” belonging to Ulbricht. The repossessed electronic money, whose encryption technologies was thought to be highly secure has now been impounded and will likely remain on the FBI’s hard disks indefinitely.

• Authorities said the haul represented the largest ever Bitcoin seizure.
• Ulbricht’s lawyer could not be contacted on Friday evening (local time), but had previously told reporters his client denied the charges.
• The currency, which has been in existence since 2008, first came under scrutiny by law enforcement officials in mid-2011 after media reports surfaced linking bitcoins to Silk Road.
• The US Attorney’s Office said with nearly 30,000 bitcoins previously seized, federal agents have now collected more than $US33 million in bitcoins based on current value.
• Ulbricht is due to appear in court within weeks to face criminal charges of narcotics trafficking conspiracy, computer hacking conspiracy and money laundering conspiracy.

Sources: Wise Dog, Reuters

Categories: Commentary, National News, National Security, Tid Bits, World News
Tags: bad Code, BitCoins, Code, Electronic Money, Largest BitCoin Seizure, Not Safe, The Dread Pirate