Bitcoin Plunges After Silk Road Seizure

Silk Road, an online, bitcoin-based marketplace “known for drug trafficking and illegal activity,” is now in the hands of the FBI, according to TechCrunch. The value of the currency dropped from $130 to roughly $100 following the announcement. 

Launched in 2011, the website has long been accessible only through the “seemingly secure” Tor Network, and became an infamous seller of drugs and guns. There were more than 957,079 accounts registered to the site as of July 23, 2013, however, a court document indicated that this number is not necessarily the exact number of actual users.

As of the same date, the website reportedly had generated $1.2 billion in revenue. For more on Silk Road and its demise, click here.

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