Accused Silk Street Creator Goes to Trial Amid Scrutiny of Bitcoin

A U.S. crackdown on use of the digital foreign money bitcoin for drug trafficking and different crimes is headed for its highest-profile check but, as a trial begins for the alleged creator of an internet market catering to vice. Jury choice is scheduled for Tuesday in Manhattan federal courtroom within the case of Ross Ulbricht, who authorities say created Silk Street, an internet black market the place medicine and others unlawful items might be purchased anonymously utilizing bitcoins. The trial, anticipated to run for as much as six weeks, will forged a highlight on the darkish aspect of digital currencies and so-referred to as Darknet markets the place illicit items could be secretly purchased. Ulbricht, 30, has by no means conceded creating Silk Street and has pleaded not responsible to seven counts together with working a unbroken legal enterprise and conspiracy to commit narcotics trafficking. Prosecutors say Ulbricht took excessive steps to guard Silk Street, soliciting the homicide of six individuals who posed a menace. No proof exists the murders have been carried out. The previous Eagle Scout faces as much as life in jail if convicted. His supporters embrace bitcoin lovers and libertarians, who name the case an assault on Web freedom. Joshua Dratel, his lawyer, declined remark.

IN-DEPTH

— Reuters

First revealed January 12 2015, 1:fifty seven PM