Normally
saying it was an e-commerce black market website and the first modern dark net
market where illegal drugs and other narcotics were being traded. People use
this website to sale or purchase drugs which are normally not available in
market or which are banned by government. The website was launched in February
2011 and had crossed 1.2 billion dollar sale within 2 years. Initially there
were a limited number of new seller accounts available; new sellers had to
purchase an account in an auction. Later, a fixed fee was charged for each new
seller account. As part of the dark web, it was operated as a Tor hidden
service, such that online users were able to browse it anonymously and securely
without potential traffic monitoring.
Henry
Farrell, an associate professor of political science and international affairs
at George Washington University, analyzed Silk Road in an essay for Aeon in
2015. He noted that Ulbricht created the marketplace to function without
government oversight but found it difficult to verify anonymous transactions.
To sustain a steady stream of revenue, he started increasing oversight to
ensure low transaction costs. To do this, he added measures to ensure
trustworthiness with implementation of an automated escrow payment system and
automated review system.
In
October 2013, the Federal Bureau of Investigation (FBI) shut down the website
and arrested Ross Ulbricht under charges of being the site's pseudonymous
founder "Dread Pirate Roberts". On 6 November 2013, Silk Road 2.0
came online, run by former administrators of Silk Road. It too was shut down,
and the alleged operator was arrested on 6 November 2014 as part of the
so-called "Operation Onymous". Ulbricht was convicted of eight
charges related to Silk Road in the U.S. Federal Court in Manhattan and was
sentenced to life in prison without possibility of parole.
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