The rise of the Silk Road
The Silk Road was the world’s foremost darknet market (DNM). The platform was founded in 2011 and quickly rose to prominence as a decentralized marketplace. Its founder was Ross Ulbricht. Silk Road offered a range of goods and services while facilitating transactions primarily via Bitcoin, taking advantage of the relative anonymity provided by cryptocurrencies.
Silk Road Blockchain – downfall and closure
Silk Road’s activities lasted only a short time. 2013 the Federal Bureau of Investigation (FBI) shut down the Silk Road platform. This was a turning point in the fight against illegal activity on the dark web.
Silk Road’s impact on Bitcoin and cryptocurrencies
Throughout its existence, the Silk Road contributed to accepting Bitcoin and other cryptocurrencies as payment in the criminal underground. The Bitcoin economy was still in its infancy, and blockchain technology was primarily unknown. The Silk Road’s utilization of Bitcoin for transactions brought the cryptocurrency into the public eye, albeit associated with illicit activities.
Challenges faced by authorities
The Silk Road cryptocurrency posed significant challenges to law enforcement agencies due to its decentralized nature and the use of blockchain, which offered a degree of anonymity. Transactions on the platform were conducted using Silk Road coins, making it challenging for authorities to trace and attribute ownership of funds.
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