During a previous post, we took an extensive look at the rise and fall of Silk Road. The most controversial cryptocurrency exchange in history that has left a lasting imprint on millions – us included. The loose ends of the story are in the process of being wrapped up it seems. During a time when the wounds of Silk Road appear to be healing, the man behind the site’s crimes is looking for forgiveness. Ross Ulbricht – creator of Silk Road – commonly known by his alias “Dread Pirate Roberts” has thrown himself at the mercy of an appeals board in order to have his life sentence reduced.
Ulbricht Left Devastated
For both the direct and indirect victims of the Silk Road scandal, they’ll be happy to hear that his appeal has been rejected by the US Supreme Court. Supporters of Ulbricht’s release have called the court’s decision “devastating”. The @free_ross account Tweeted its displeasure shortly after the ruling was made, “SCOTUS denied #RossUlbricht cert petition this morning after holding it pending Carpenter. This is a NO on internet privacy and Ross’s case. Devastating. #freeross.”
Ulbricht has a lengthy rap sheet, so his appeal was always considered to be something of long-short. He’s facing life behind bars for aiding drug distribution, money laundering, fraud, and computer hacking, among other charges. Ulbricht has also found himself tangled up in murder-for-hire investigations in the past, which certainly wouldn’t have aided his cause.
Mt. Gox Healing Begins
The news of Ulbricht’s failed appeal comes on the back of another crypto crime that’s now reaching its conclusion. Following a case in Japan, Tokyo’s District Court has ordered that compensation proceedings related to Mt. Gox begin, pushing back the exchange’s long-awaited bankruptcy as a result. The compensation request was filled back in November by creditors of Mt. Gox. What’s most interesting about the ruling is that victims will be compensated in accordance with civil rehabilitation law — not bankruptcy. This means that – unlike a bankruptcy issued payout – the funds must be returned in Bitcoin. It’s a different approach to take in such a high-profile case, so it will be interesting see how it turns out.
Life Means Life for Ulbrich
With Ulbricht set to serve the entirety of his life’s sentence and the Silk Road story now seemingly at its end, the wounds of one of the biggest scams in cryptocurrency history can finally heal.