The Rise and Fall of Silk Road: Bitcoin's Infamous Black Market❗
Silk Road, an online black market launched in 2011 by Ross Ulbricht (alias "Dread Pirate Roberts"), used Bitcoin 💰 for anonymous transactions of illegal goods and services. In October 2013, the FBI 🚔 shut down Silk Road and arrested Ulbricht, seizing approximately 144,000 Bitcoins. Ulbricht was convicted in 2015 and sentenced to life in prison 🚨. The case highlighted Bitcoin's use in illicit activities, initially tarnishing its reputation 😬 and prompting increased regulatory scrutiny 🕵️♂️. Despite this, Silk Road remains a significant chapter in Bitcoin's history, symbolizing both its potential and the challenges of regulating decentralized currencies 🌐.
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