Share this article

Ross Ulbricht Found Guilty of Operating Silk Road Dark Market

A jury in New York ruled Silk Road creator Ross Ulbricht guilty on all charges including money laundering, drug trafficking and computer hacking.

Updated Sep 11, 2021, 11:30 a.m. Published Feb 4, 2015, 9:35 p.m.
ross ulbricht

Accused Silk Road mastermind Ross Ulbricht has been found guilty on all charges on the first day of jury deliberations.

Ulbricht, alleged by the US government to be the so-called Dread Pirate Roberts behind the now-defunct online black marketplace, was ruled guilty on a total of seven charges, which include narcotics trafficking on the Internet, conspiracy to commit money laundering and computer hacking.

STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters

The jury received initial instructions on 4th February, and reached a verdict after three and a half hours of deliberation.

The verdict marks the beginning of a new phase in Ulbricht’s long legal battle with the US government, which, according to courtroom reports, moved aggressively to oppose various aspects of the defense’s case in recent days.

Ulbricht’s legal team, spearheaded by lead counsel Joshua Dratel, painted him as the fall man for the real person behind the Silk Road operation.

While acknowledging that Ulbricht created Silk Road, the defense built its case that around the idea that the another Dread Pirate Roberts was responsible for the crimes with which Ulbricht was charged, suggesting at one point that Mt Gox CEO Mark Karpeles was the real force behind the Silk Road black market.

Strong response to outcome

The verdict sparked strong rebukes from Ulbricht supporters across social media channels, and reports indicate that the verdict was opposed by some of those in the court room today.

After the verdict was read in Ulbricht trial, a man in the back of the courtroom shouted “Ross is a hero.” #SilkRoadTrial





— ChristopherMMatthews (@cmatthews9) February 4, 2015

Others expressed concern about the broader development of the trial and whether or not the defense's case was unfairly derailed by government prosecutors.

Ulbricht, who faces life in prison, now awaits sentencing.

More For You

Small investors are buying bitcoin. For a rally to succeed, the whales need to join in.

A tiny dollar bill held between thumb and forefinger

Small wallets have increased their BTC holdings by 2.5% since October's all-time high while large holders trimmed 0.8%, Santiment data shows.

What to know:

  • Bitcoin wallets holding less than 0.1 BTC have increased their share of supply to the highest since mid-2024 even as the price holds around the mid-$60,000s.
  • Larger holders with 10 to 10,000 bitcoins — the whales and sharks that typically drive major moves — have reduced their positions since the October peak.
  • The divergence supports choppy, fragile price action because retail demand alone cannot sustain rallies when big wallets are distributing into every recovery.