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It's Baaaack: Silk Road 2.0 Is Here

By Gabriella Khorasanee, JD | Last updated on

Just in case you wanted to sell drugs anonymously online, Silk Road 2.0 has risen from the dead, despite the FBI's takedown of the site just over one month ago, reports Forbes. But, like Obamacare, the new site is experiencing a few bumps and delays according to Motherboard.

Silk Road's Sordid Past

Bitcoin, the online currency, has made the impossible, possible. Drug dealers have been able to sell illegal drugs out in the open, online, using Bitcoins as the online medium to exchange drugs for currency. This is no small fries either; Forbes reported that Silk Road was earning "$30 to $45 million in annual revenue."

The Takedown

Of course, where ever illegal drugs and money are concerned, the Government wants in on the action. In October of this year, Ross Ulbricht, the person alleged to be the mind behind Silk Road and user of the "Dread Pirate Roberts" moniker, was arrested in San Francisco. The Department of Justice seized the Silk Road website and approximately $4 million in Bitcoins, according to Forbes.

The Resurrection

This week, Silk Road 2.0 was supposed to launch on November 5th at -- can you guess? 4:20 PM UTC, according to Motherboard. Instead, the site's launch was delayed and Silk Road 2.0 came online on Wednesday. Apparently, the only differences from the old site are (1) an added authentication measure; and (2) a cosmetic change inspired by the DOJs seizure notice, according to Forbes. The site is not yet taking orders, but as of Wednesday, already had 500 drug listings.

What Will the FBI Do Now?

Ulbricht may be awaiting trial, but what about Silk Road 2.0? What's the point of the FBI continuing investigations if every time someone is indicted, there's someone else to pick up the Dread Pirate Roberts moniker? At some point, Congress is going to have to deal with Bitcoin. If the selling of illegal drugs online isn't enough of a reason, we're not sure what is.

What do you think is the answer for dealing with Bitcoins? Let us know on Facebook at FindLaw for Legal Professionals.

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