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Silk Road's "Dread Pirate Roberts" indicted by feds

The founder of Silk Road could be sentenced to life in prison if he's convicted of all charges against him.

Published Tue, Feb 4 2014 7:37 PM CST   |   Updated Sat, Aug 8 2020 10:29 AM CDT

The founder of Silk Road, Ross Ulbricht, has been indicted and faces significant time in prison if he's found guilty, as the federal government attached the "kingpin statute" to the case. The FBI has seized more than $150 million in Bitcoin, the only type of currency Silk Road accepted from customers.

Silk Road's Dread Pirate Roberts indicted by feds | TweakTown.com

Ulbricht was arrested in October and has been charged with computer hacking, money laundering, engaging in a continuing criminal enterprise, and running a narcotics conspiracy. If convicted of all charges, Ulbricht faces a life-sentence, with some charges carrying 20-year minimum sentences - and the trial is expected to start later this year.

Not surprisingly, the federal government wants to make an example of Ulbricht and his accomplices, to prevent other groups from trying to fill the void. Estimated profits from Silk Road topped $22 million in annual sales, so the temptation will drive someone else to create a similar service.

NEWS SOURCE:forbes.com

An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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