A Russian man who “directed and supervised” the operations of a popular bitcoin exchange known as BTC-E has been indicted on a range of charges. He was arrested recently in Greece.
“Truly innovative business models don’t need to resort to old-fashioned law-breaking,” Manhattan’s U.S. Attorney said in a statement. That’s precisely the point that storied investor-twins Cameron and Tyler Winklevoss were expected to make at hearings last week before banks and regulators.
The American Bar Association and several law schools focusing on national security issues brought together a panel of high-level intelligence and law enforcement officials for a discussion in the fall. This was the 23rd Annual Review of the Field of National Security Law and, as a senior writer for the ABA Journal wrote, we ignore the nexus of national security issues and cybercrime at our peril.
After the federal takedown of the so-called “Silk Road” online drug marketplace, the pubic quickly became aware that criminals were among the many enthusiasts using the online currency called bitcoins. The virtual currency was first introduced in 2009 as an open-source, peer-to-peer electronic payment network. Since then, organizations ranging from online merchandisers to Subway restaurants and even Virgin Galactic accept them -- they’re especially popular for their low transaction fees. They are even traded in official currency exchanges.
A 29-year-old San Francisco resident was taken into custody on Tuesday in the science fiction section of the Glen Park Branch Library. Federal prosecutors accuse the man of masterminding an online drug marketplace called “Silk Road,” where buyers and sellers of illegal drugs could make their exchanges in an atmosphere much like that of eBay.