Silk Road Sats

Silk Road was the world’s first digital black market in which Bitcoin was the base currency. The site that facilitated the sale of illegal goods from heroin to stolen credit card information was allegedly founded in 2011 by a user called Dread Pirate Roberts, a man who was later identified as Ross Ulbricht. During the relatively short period in which he operated the site Ulbricht was believed to have made more that $13 million in commission. In October 2013 Ulbricht was arrested by the FBI following which he was convicted of seven offences including distributing narcotics by means of the internet, conspiring to commit money laundering and conspiring to commit computer hacking on the 5th of February 2015. He was sentenced to double life imprisonment plus 40 years at the age of 31. Upon his arrest thousands of Bitcoin were seized by law enforcement. 3000 of which were sold at auction to Tim Draper, a venture capital investor, in 2014. These Sats that are now in circulation are called Silk Road Sats.