Ulbricht had been arrested earlier that month in the San Francisco Public Library by federal agents with their guns drawn. As it turns out, the largest online drug market in history had been run by a 29-year-old named Ross Ulbricht, who wasn’t as safe behind his screen as he imagined he was. One of those schemes had been ripping off the man who ran Silk Road, "Dread Pirate Roberts." That plan was now falling apart. During that time, he had also carefully cultivated several lucrative side projects all connected to Bitcoin, the digital currency Force was convinced would make him rich.
It was October 2013, and Force had spent the past couple of years working on a Baltimore-based task force investigating the darknet's biggest drug site, Silk Road.
Corrupt agent who investigated Silk Road is suspected of another $700k heistĭEA Special Agent Carl Force wanted his money-real cash, not just numbers on a screen-and he wanted it fast. Corrupt Silk Road agent’s lawyer: This appeal is frivolous, I want out. Irish court orders alleged Silk Road admin to be extradited to US. Stealing bitcoins with badges: How Silk Road’s dirty cops got caught. Exclusive: Our Thai prison interview with the alleged top advisor to Silk Road. Introducing Forbes Blockchain 50: Learn about the companies investing in the tech that will speed up business processes, increase transparency and potentially save billions of dollars.Aurich Lawson reader comments 100 with The Silk Road bust “That’s our burden to show this individual knew.” “You might have bitcoin on everything, but when you go to your accountant, you say, ‘Oh, I’ve never heard of bitcoin.’ Really? Every date you’ve ever been on, that’s all you talked about was bitcoin, but somehow when your accountant asks you, you forgot to talk about it?” Alford says. Ignorance of the law is not a good enough excuse, he says, especially if there are records that they kept a spreadsheet of their investments or discussed cryptocurrencies with their accountant. The IRS is trying to get that number closer to reality by doing outreach events like EisnerAmper’s panel and urging voluntary compliance, but Alford warned that if the IRS can prove that a taxpayer willfully concealed cryptocurrency gains, they might be subject to prosecution. Alford cited an IRS summons to Coinbase in November 2017 that showed “more than 14,000 Coinbase users have either bought, sold, sent or received at least $20,000 worth of bitcoin in a given year," but only about 800 taxpayers reported gains. /cdn.vox-cdn.com/uploads/chorus_image/image/54673713/ross_ulbricht_woods.0.jpeg "silk road american kingpin")
Although the law requires cryptocurrency investors to report gains, not many comply. Earlier this week, Bitwise global head of research Matt Hougan published an article about how cryptocurrency is similar and different to more traditional investments like gold, oil and good old-fashioned currency.
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