Former Secret Service Agent Guilty of Bitcoin Theft

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Shaun W. Bridges, a computer crime expert who was part of the Secret Service task force that conducted investigations on Silk Road founder Ross Ulbricht, pled guilty to charges of bitcoin theft. According to federal court documents, he skimmed hundreds of thousands of dollars in bitcoin and routed the money to his own accounts.

As it turns out, upon the shutdown of Silk Road back in 2013, Bridges went into hiding. Meanwhile, Ulbricht was later on sentenced to life imprisonment for narcotics trafficking, computer hacking, running a criminal enterprise and money laundering.

Silk Road’s Bitcoin Systems

During the course of his investigation, Bridges obtained access to Silk Road’s bitcoin transaction systems during an interrogation of a Silk Road representative. He used the administrator access to change several passwords and transferred around 20,000 bitcoin from those accounts. Investigators also said that Bridges then converted the bitcoin into cash through a Japan-based bitcoin exchange.

At the time these transfers were made, the total value of those stolen bitcoin was at $820,000. n court documents filed last week, Bridges agreed to plead guilty to wire fraud and money

Read more ... source: TheBitcoinNews