Friday, 4 October 2013

Silk Road taken down by FBI

Notorious online marketplace "Silk Road" has been taken down by the FBI and the owner "Ross Ulbricht" a.k.a (Dread Pirate Roberts) has been arrested . Proving that "Perfect security is impossible"

He has been charged with  conspiracy to traffic narcotics, conspiracy to hack computers, and conspiracy to launder money.

The website now shows a "This Hidden Site Has Been Seized" message

This Hidden Site Has Been Seized

Silk Road was the drug dealing website in the world .It used the "TOR hidden network" to hide itself and its users.It seems Ross Ulbricht was caught due to his own mistakes and NOT due to a vulnerability in the TOR network.

This site had been a major point used lawmakers and politicians to try to curtail the growth of the TOR
 network.And now the recent actions by the FBI against many hidden sites in the TOR network is indeed a very big setback for it.

All the transactions in silkroad were done using Bitcoins and since the news of Ross Ulbricht's arrest bitcoin value has dropped quite a bit (Due to paranoid selling). But this is just the currency stabilizing itself, when it stabilizes BTC value will rise again. And the removal of association from such illigal market places might actually be a good thing for bitcoins.

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