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Collect Bits, boost your Degree and gain actual rewards!

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Crypto Terms:  Letter S

What is Silk Road?

Meaning:
Silk Road - an online black market that accepted Bitcoin (BTC) transactions and existed on the dark web before it was shut down by the FBI.
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Let's find out Silk Road meaning, definition in crypto, what is Silk Road, and all other detailed facts.

Before the FBI shut it down, Silk Road was an online black market that accepted Bitcoin (BTC) transactions and thrived on the dark web. It was established by Ross Ulbricht in 2011 and it functioned as a marketplace for clients to order a variety of illegal commodities, such as fake IDs, drugs, and so on.

The market accepted cryptocurrencies as a payment method. It was convenient because of the fact that BTC and other cryptocurrencies usually guarantee anonymity. Though only when there’s no trail left, if you buy with a credit card or on an exchange, there will be a trail.

Over the course of two years, Silk Road was estimated to have made at least $1.2 billion and ranked at roughly $80 million in commissions. The FBI confiscated 174,000 BTC when it shut down Silk Road in October 2013, however, at least 444,000 BTC are still missing.

Ulbricht was accused of using a different computer that might contain information about the missing coins. The Manhattan court found him guilty of seven crimes originating from the Silk Road market.