Silk Road Admin Ordered to Hand Over £500k in Cryptocurrency
A Merseyside man is now serving a five-year and four-month prison sentence. The reason is, he played a role in the administration of the Silk Road darknet marketplace. Moreover, he got ordered to give more than £490,000 in Bitcoin.
26-year-old Thomas White, aka Cthulhu, got jailed in April 2019 for various offences. For example, money laundering, drug trafficking, and making indecent images of children.
White is a former Liverpool John Moores University student. However, he dropped out of college after completing a term of an accountancy degree. Still, he played a significant role in the takeover and relaunch of Silk Road in 2013. This was after the marketplace’s site first iteration got shut down by the FBI.
White Gets Ordered to Hand Over £500K n Bitcoin
Following further investigations, the court ordered white to pay a total of £493,550. In that situation, the amount was out of earnings assessed to be more than £1 million. In addition, all the electronic devices in commissioning the offences also got seized. The UK’s National Crime Agency was responsible for the investigations.
There is an ongoing hearing. Despite lacking a legitimate income, White was able to rent a luxury riverside flat. He paid £10,700 upfront for the flat. It is in Liverpool city centre.
“Thomas White was a well-regarded member of the original Silk Road hierarchy. He used to his advantage when the original site was closed and profited significantly from his criminal activity,” said an NCA branch commander.
The case is proof enough that crime doesn’t pay. One reason is, White spent the past two years in prison. Another reason is, he now has to hand over about £500,000. Authorities promise to use every tool at their disposal to disrupt criminal activities.
The Silk Road Marketplace
Specializing in the sale of illegal drugs, Silk Road got launched in 2011. Ross Ulbricht, alias Dread Pirate Roberts ran it. Also, the marketplace traded in other unlawful goods. The payments got made in Bitcoin like in other black markets of the dark web.
The Silk Road was one of the first darknet marketplaces. Likewise, it was the first to gain notoriety beyond the dark web platform. For instance, over 100,000 transactions took place through the website in its three years. It got accessed through the Tor Browser that encrypts online footprints.
Again, the marketplaces got spun up in November 2013. This was a month after Ulbricht’s arrest in a San Francisco public library. Its administrators encrypted the site’s source code and distributed it. Additionally, they distributed cryptographic keys needed to decrypt it. The decryption would get done in 500 locations around the world.
Even so, the revived Silk Road had an even shorter lifespan than the original. It got taken down in 2014 by a joint US-EU law enforcement action. As a result, Silk Road’s new administrator, Blake Benthall, got arrested. He was a former employee at Elon Musk’s SpaceX and also worked for White.
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