News & Analysis as of

Money Laundering Silk Road

Ballard Spahr LLP

DEA Accused of Ongoing Missteps in Undercover Operations

Ballard Spahr LLP on

A recent audit conducted by the Department of Justice (“DOJ”)’s Office of Inspector General (the “OIG”) revealed that the Drug Enforcement Agency (“DEA”) acted outside the scope of its authority while transacting tens of...more

BCLP

Blockchain Technology Will Not Disrupt Financial Services Anytime Soon

BCLP on

Twenty venture capitalists gathered in Silicon Valley last week to discuss the impact of blockchain technology, including digital currency, on financial services and venture capital. The 20 VCs represent an equal number of...more

Patterson Belknap Webb & Tyler LLP

A Long Journey Through “Silk Road” Appeal: Second Circuit Affirms Conviction and Life Sentence of Silk Road Mastermind

On May 31, 2017, the Second Circuit issued its long-awaited decision in the “Silk Road” case, United States v. Ulbricht, (15-1815-cr) (2nd Cir. May 31, 2017) (Newman, Lynch, Droney)....more

Patterson Belknap Webb & Tyler LLP

In Lengthy Opinion, Second Circuit Affirms “Silk Road” Conviction and Life Sentence

On May 31, 2017, the Second Circuit issued its long-awaited decision in the “Silk Road” case, United States v. Ulbricht, (15-1815-cr) (2nd Cir. May 31, 2017) (Newman, Lynch, Droney). The panel affirmed Ulbricht’s conviction...more

Goodwin

Lines Crossed: From Enforcing to Breaking the Law

Goodwin on

Silk Road was a notorious black market for narcotics that used seemingly untraceable digital currencies (i.e., Bitcoins) to facilitate illegal activities on the “dark web.” Last week, former Drug Enforcement Agency (“DEA”)...more

Goodwin

Silk Road’s Ross Ulbricht Receives Life Sentence

Goodwin on

On May 29, 2015, after a lengthy criminal investigation and multi-week trial, Ross Ulbricht, the mastermind behind Silk Road—one of the most famous enterprises to utilize Bitcoin currency—was sentenced to life in prison in a...more

Pillsbury - Internet & Social Media Law Blog

Not So Silky Road

The founder of Silk Road, the black market website where illegal goods were bought with bitcoin, was found guilty on all 7 counts, including money laundering, drug trafficking and computer hacking. While this is an...more

Manatt, Phelps & Phillips, LLP

Bit Bites: Latest Legal Developments in Digital Currencies

When Is Bitcoin “Money” Versus a “Security”? In motions involving a high-profile criminal prosecution with ties to Silk Road and a Securities and Exchange Commission (SEC) enforcement action, two federal courts have clarified...more

Sheppard Mullin Richter & Hampton LLP

Bitcoins and Liability in the Wake of Recent Silk Road Arrests

Last week’s arrests of Robert Faiella, an alleged seller on online marketplace Silk Road, and Charlie Shrem, the CEO of the startup BitInstant, marked a recent round in a series of law enforcement actions against what the...more

Pillsbury - Internet & Social Media Law Blog

More fallout from Silk Road

Another set of Bitcoin-related arrests for failing to comply with the Bank Secrecy Act. Interestingly, investors in one of the companies include the Winkelvoss twins. Anyone who is involved in Bitcoin or other virtual...more

Davis Wright Tremaine LLP

Virtual Currency Year-In-Review: Bitcoin and Beyond

Bitcoin and other decentralized, math-based virtual currencies emerged in 2013 as nascent challenges to traditional payment systems, drawing widespread public attention, venture capital investment, and regulatory scrutiny....more

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