Bitcoin Black Day: Ross Ulbricht Found Guilty of Heading Silk Road


Bitcoin News Mash-Up: Ross Ulbricht Trial Postponed; St. Petersburg Bowl Pre-Sale; and More — After a four-week long trial, Bitcoin entrepreneur Ross Ulbricht was found guilty of running the online drug bazaar Silk Road. He is now expected to face a lifetime in prison.

The 30-year old was convicted on all seven charges, including drug and money trafficking, computer hacking, and operating a criminal enterprise. His defence, on the other hand, pleaded that Ulbricht was simply one of the creators of Silk Road, and had nothing to do with their internal business network.

Earlier, US investigations accused Ross Ulbricht to be the mastermind of Silk Road, who goes by the name of Dread Pirate Roberts on internet. His defence however accused Mt. GOX ex-CEO Mark Karpeles to have been running Silk Road by using the same anon-identity. Karpeles denied involvement.

However in the last days of trial, prosecutors presented concrete evidences to prove Ulbricht’s role the in running Silk Road. They were a few private chat journals, and a bitcoin wallet retrieved from accused’s laptop, which collaboratively pointed to his guilt.

Ulbricht now is expected to face a minimum of 20 years in prison, which could even extend upto lifetime. His sentencing is scheduled on May 15, while his defence is thinking to re-appeal. Ulbricht is also facing a separate trial in Baltimore, in regards to his involvement in conspiring murders.