The federal government raided and shut down online drug marketplace Silk Road and arrested its founder Ross William Ulbricht (29) on Wednesday for the Internet's biggest destination for drugs and other illegal goods. Silk Road had been in process since January 2011 but it was hidden from normal web traffic because it was hosted on - Deep Web.
From February 2011 to July 2013, there were 1.2 million transactions on the site and accounting for 9.5 million bitcoins. That’s about 4 percent of the 225 million bitcoin marketplace connected about 150,000 buyer accounts with just under 4,000 sellers.
A request from his legal team for his bail hearing to be pushed back was granted - it will now take place on 9 October.
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