Bitcoin News Mash-Up: Ross Ulbricht Sentenced; BTC-e Explanations; and More


Bitcoin News Mash-Up

Following are the major Bitcoin news of the day

Ross Ulbricht Sentences to Life in Prison

Ross Ulbricht, the founder of online ‘Silk Road’ black market, was sentenced to life imprisonment last Friday by Manhattan District Judge Katherine Forrest, after being convicted of drug trafficking, money laundering and cyber crime. “No one should be above the law,” said Forrest, who also noted that even though the accused has only 31 years old, “must pay” for their crimes. Prosecutors had also claimed that the accused had ordered the murder of 6 people while operating Silk Road, but no evidence of such crimes were found. Before sentencing, Ulbricht wrote a letter  to the judge for mercy.

BTC-e Blames New US Policy for Late Withdrawals and Profits

Bulgarian Bitcoin Exchange BTC-e recently increased the time limits on concluding the USD  withdrawals and deposits to two weeks. The exchange blamed a new US policy for delaying their accounting functionalities. Excerpt: “Attention everyone who sends us US dollars and trying to withdrawal in US dollars through bank transfer. From tightened for a new American policy correspondence banks in relation to payment institutions deposits and withdrawals of US dollars delayed for 1-2 weeks.”

BitMine AG Files for Bankruptcy

Swiss Bitcoin Mining manufacturers BitMine recently announced bankruptcy after failing to meet multiple demands related to delivery of their products. The company further posted a statement on its website, saying that they have been suffering a revenue deficit from a long time which ultimately halted their delivery operations as well.