The Silk Road scandal is far from being over, considering the fact that today, a former U.S. Secret Service agent was sentenced to six years in prison, and a $1.1 million fine.
Based on recent reports, Shaun W. Bridges, who pleaded guilty to money laundering and obstruction of justice charges, was also sentenced in a separate court, to three years of supervised release, once his initial prison term ends.
For those who don’t know, Silk Road is a now shuttered website, where people from all around traded illegal items such as drugs and weapons, by using bitcoin to pay for the transactions. During the investigation, Mr Bridges has been a part of the electronic crimes task force of the Secret Service. He used this position to illegally access the website and siphon a part of the funds into an account he held at Mt Gox, yet another shuttered Bitcoin exchange. The funds were then placed into his personal investments account, after he sold the bitcoin for around $820,000.
Once the agency discovered his involvement in the bitcoin theft, his career ended. During his lengthy trial, prosecutors continuously asked to have the maximum sentence for the felonies that he was accused for delivered to him. Bridge’s lawyer, Steve Hale Levin argued that: Rather than report the theft, he made the impulsive decision to steal bitcoins from a Silk Road account. Mr. Bridges knew from the moment that he stole the bitcoin that his career was over.”
Mr Bridges is now required to report to prison on January 29, when his term officially begins.
Based on everything that has been outlined so far, what do you personally think about these acts of corruption? Let us know your thoughts in the comment section below.