The Rise and Fall of Silk Road: Bitcoin's Infamous Black Marketโ
Silk Road, an online black market launched in 2011 by Ross Ulbricht (alias "Dread Pirate Roberts"), used Bitcoin ๐ฐ for anonymous transactions of illegal goods and services. In October 2013, the FBI ๐ shut down Silk Road and arrested Ulbricht, seizing approximately 144,000 Bitcoins. Ulbricht was convicted in 2015 and sentenced to life in prison ๐จ. The case highlighted Bitcoin's use in illicit activities, initially tarnishing its reputation ๐ฌ and prompting increased regulatory scrutiny ๐ต๏ธโโ๏ธ. Despite this, Silk Road remains a significant chapter in Bitcoin's history, symbolizing both its potential and the challenges of regulating decentralized currencies ๐.
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