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Ross Ulbricht, known as Dread Pirate Roberts to users of the SilkRoad website, was arrested last week, the FBI seized 26,000 Bitcoins belonging to Silk Road customers. But it also attempted, unsuccessfully, to claim the nearly 600,000 – thought to be worth around $80m – which Ulbricht himself is thought to be holding.

Silk Road is a notorious black market website which helped dealers to sell drugs under the cloak of anonymity.

Bitcoin is a digital currency based on a methods of cryptography similar to those used to protect confidential emails. Due to its decentralised nature – the currency does not rely on any centralised agency to process payments, instead relying on work done by users’ computers – it is popular for a number of fringe-legal and illegal uses. One of those uses was Silk Road, where Bitcoin was required for all transactions. 1 Bitcoin is equivalent to $138 usd.

According to the FBI’s complaint, the arrest led to the seizure of $3.6 million in bitcoins—the virtual currency Silk Road users employed to buy and sell illegal drugs online.

Though the FBI’s seizure was the second most valuable act of bitcoin confiscation ever, the Feds were actually unable to appropriate the vast majority of bitcoins associated with the Silk Road enterprise, Ulbricht’s personal stash. Roughly $80 million worth of bitcoins—the personal fortune Ulbricht amassed by running Silk Road—remains untouched by the government

So why can’t the FBI get its hands on the money? The reason has to do with the design of bitcoins themselves. A bitcoin cannot be transferred  from one user to another without the first users “private key,” or password to verify the transaction. Unless Ulbricht hands over his password, the FBI will be unable take possession of the money.

source: Forbes

In Grand Theft Auto Online, players have the freedom to explore alone or with friends, work cooperatively to complete missions, band together to participate in activities and ambient events, or compete in traditional game modes with the entire community, all with the personality and refined mechanics of Grand Theft Auto V.

www.rockstargames.com

Artwork by Kati Elm

On Tuesday, the online retailer announced the start of Amazon Art, where customers can buy original and limited-edition art from more than 150 dealers and 4,500 artists, ranging in price from a $10 screen print by the up-and-comer Ryan Humphrey to a  $4.85 million painting by Norman Rockwell.

Amazon, which worked with Sotheby’s for a short-lived experiment selling art on the Web in 1999, will now vie with other, more established competitors in the online marketplace, including Artsy and Artnet.

Checkout our original #GWOP art at: instacanv.as/beezytarantino


Source

The FBI on Thursday shut down popular file-sharing website Megaupload.com and charged the site’s founders and five others with running “an international organized criminal enterprise” responsible for “massive online piracy.”

Megaupload Limited and sister company Vestor Limited generated “more than $175 million in criminal proceeds” and caused “more than half a billion dollars in harm to copyright owners” through the piracy of “numerous types of copyrighted works,”according to FBI.

Seven people have been charged with online piracy crimes in an indictment, dated Jan. 5 and unsealed in northern Virginia. Four of those suspects are already in custody, authorities said.

Among those charged are site founders Kim Dotcom and Kim Tim Jim Vestor and Chief Marketing Officer Finn Batato.

Megaupload CEO Swizz Beatz, a rapper and producer and husband to pop star Alicia Keys, was not listed among those charged. Read More

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