Biggest illegal online dark net Bitcoin marketplace shut down; run by a Canadian who committed suicide rather than face US justice

The US DoJ has taken down what it calls the world’s largest criminal marketplace on the Internet called AlphaBay yesterday, which operated for over two years on the dark net. AlphaBay was over ten times larger than Silk Road when it was taken down in 2013. Like Silk Road, AlphaBay was used for trading of illegal [...]

Silk Road owner arrested over money laundering charges amid allegations of ordering hit on man from Canada

Ross Ulbricht, allegedly the ‘Dread Pirate Roberts’ and owner of the website Silk Road, was arrested by the FBI in San Francisco today at a public library and his popular website was shut down. Silk Road was an Internet-based website that accepted bitcoin. Ulbricht was charged with money laundering conspiracy, computer hacking conspiracy and drug trafficking. [...]

Bitcoin and other digital currency transactions subject to Bank Secrecy Act in U.S.

The US Financial Crimes Enforcement Network (“FinCEN“) has issued its interpretive guidance on the applicability of digital (or virtual) currencies, the most popular of which is Bitcoin, to the Bank Secrecy Act (“BSA“). Pursuant to the Guidance, a person or entity that: (1) exchanges; or (2) administers digital currency or Bitcoin, is a money services [...]