ForexMinute.com – As confirmed by Reuters, alleged Silk Road creator Ross Ulbricht is all set to face a serious trial over his involvement in sponsoring narcotics trafficking using the cryptocurrency Bitcoin.
Ulbricht, who earlier pleaded not-guilty to a series of crimes which includes running an illegal drug marketplace and conspiring to the murder of six people, is likely to face a series of difficult questions regarding the seizure of 144,336 Bitcoins from his laptop which, the government thinks, has been earned from Silk Road activities.
According to an FBI report, Silk Road made around $1.2 billion from sales and $80 million by commission only – a chunk of which was found on Ulbricht’s laptop. The 30-year old accused somewhat conceded creating the marketplace but denied operating it further to run a criminal enterprise. Meanwhile, no evidence was found that prove Ulbricht plotted murder plans.
The Ulbricht supporters, mostly Bitcoin enthusiasts and libertarians, back him for supporting Internet freedom. They believe this entire case to be some sort of totalitarianism where a person is sacked for standing against the authorities that are trying to control all aspects of public and private life.
“It’s not just about one man and one family, but it’s something that will impact law going into the 21st Century,” Lyn Ulbricht, his mother, told media in June.
But leaving aside the ideologies, the truth, in the end, is that that Ulbricht is literally sitting on sharp nails. In case he is convicted even for running Silk Road, he is looking at lifetime imprisonment.
His lawyer declined to make any comment.