This Ohio man is accused of trying to launder $19 million of bitcoin from the dark web
24 Jul 2019

Silk Road, the infamous dark web black market where users bought and sold practically everything — including fake passports, illegal narcotics, weapons, hacking software and dangerous chemicals — was shut down in 2013. But that’s not the end of the story.

Nearly six years later, an Ohio man was arrested Thursday on charges of trying to launder more than $19 million worth of bitcoin he allegedly earned via drug deals on Silk Road.

The federal government alleges that Hugh Brian Haney of Columbus, Ohio, was “involved in large-scale narcotics trafficking on Silk Road” during a period when Homeland Security Investigations agents were monitoring it in 2011 and 2012.

Silk Road was founded in 2011 by Ross Ulbricht when he was just 26 years old. Ulbricht, who operated on the site under the pseudonym “Dread Pirate Roberts,” later claimed he wanted to create a “freewheeling, free market site,” where users could buy and sell anything they wanted. The more than $200 million in transactions on the site were conducted using bitcoin, which allowed users to remain anonymous and relatively untraceable.

By Tom Huddleston Jr., CNBC, 23 July 2019

Read more at CNBC

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