Bitcoin suffers setback with Silk Road takedown

by Scarlett Madison October 2, 2013, 11:39 AM 1.5k Views

That didn’t take long. After Silk Road, a Bitcoin-based black market that specialized in drugs and other illegal purchases, was shut down by the FBI, values of a Bitcoin fell 15% and counting.

Bitcoin is taking it on the nose following the FBI seizure of Silk Road, a popular – and partially hidden – marketplace for drugs and other items generally outside the orbit of the law. As TechCrunch reported earlier today, about $1.2 billion in Bitcoin flowed through Silk Road, resulting in a nearly $80 million commission for the service.

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Written by Scarlett Madison

Scarlett Madison is a mom and a friend. She blogs for a living at Social News Watch but really prefers to read more than write. Find her on Twitter, Facebook, and Pinterest.