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Silk Road Programmer Pleads Guilty to Making False Statements
Michael Weigand faces a five-year maximum sentence for hiding his role with Silk Road from investigators.
Di Danny Nelson
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Silk Road programmer Michael R. Weigand pleaded guilty Monday to concealing his involvement in the once-sprawling darknet market's backend operations.
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- Prosecutors alleged Weigand, 56, worked to shore up Silk Road's vulnerabilities during its heyday and provided tech advice to site leadership. He also removed evidence from a London flat in 2013, prosecutors claimed.
- But with the infamous bazaar for illicit drugs and illegal services defunct for nearly seven years, prosecutors in the hard-charging Southern District of New York chose to hit Weigand for the cover-up instead of the crime.
- Weigand admitted he lied to agents of the Internal Revenue Service and the Federal Bureau of Investigation in January 2019 about his role on Silk Road, his pseudonym, his use of bitcoin on the site and his interactions with convicted Silk Road operator Ross Ulbricht's online identity, Dread Pirate Roberts.
- The charge comes with a maximum statutory five-year prison term. Sentencing is scheduled for mid-December. No matter the outcome, it will fall well short of Ulbricht's life sentence.
- The charges may serve to illustrate how bitcoin's enduring public ledger makes hiding one's transaction history from law enforcement officials nearly impossible, even if they begin their search years after the transactions in question take place.
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Circle’s biggest bear just threw in the towel, but warns the stock is still a crypto roller coaster
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- Compass Point’s Ed Engel upgraded Circle (CRCL) to Neutral from Sell and cut his price target to $60, arguing the stock now trades more as a proxy for crypto markets than as a standalone fintech.
- Engel notes that CRCL’s performance is increasingly tied to the ether and broader crypto cycles, with more than 75% of USDC supply used in DeFi or on exchanges, and the stock is still trading at a rich premium.
- Potential catalysts such as the CLARITY Act and tokenization of U.S. assets could support USDC growth, but Circle faces mounting competition from new stablecoins and bank-issued “deposit coins,” and its revenue may remain closely linked to speculative crypto activity for years.
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