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— CH. 1 · THE LIBERTARIAN MARKETPLACE —

Silk Road (marketplace)

~3 min read · Ch. 1 of 6
6 sections

  • Ross Ulbricht launched an online black market in February 2011 under the pseudonym Dread Pirate Roberts. He named his creation after a historical network of trade routes that connected Europe, India, and China during the Han Dynasty. The website operated as a hidden service on the Tor network to allow anonymous transactions between buyers and sellers. Ulbricht espoused libertarian ideals and criticized government regulation as he built this unregulated marketplace. His goal was to create a space where people could make their own choices without oversight from authorities. Two other individuals known as Variety Jones and Smedley helped drive the site's growth and success alongside him.

  • All financial transactions on Silk Road were conducted using Bitcoin cryptocurrency to protect user identities. Buyers placed funds into escrow accounts until they received their orders successfully. A hedging mechanism allowed sellers to fix the value of bitcoins held in escrow to match US dollars at the time of sale. This system mitigated against Bitcoin's volatility since any price changes during transit were covered by Dread Pirate Roberts. New seller accounts required purchase through auctions before a fixed fee was charged for each new account. The platform facilitated over 1,229,465 completed transactions between February 2011 and the 23rd of July 2013. These sales generated approximately 9,519,664 Bitcoins in total revenue plus 614,305 Bitcoins in commissions collected by the site.

  • Federal Bureau of Investigation agents shut down the Silk Road website in October 2013 after locating its server in Reykjavík, Iceland. IRS Criminal Investigation Special Agent Gary Alford discovered Ross Ulbricht's identity through off-duty research that traced mentions of the .onion URL. He found an open position advertisement posted by a user named altoid which led him to Ulbricht's personal email address. Authorities arrested Ulbricht on the 1st of October 2013 inside Glen Park Library in San Francisco while he used his laptop to manage the marketplace. The FBI seized 144,000 bitcoins worth $28.5 million from accounts associated with the site. They also confiscated his computer containing evidence of his administration of the platform for many months.

  • The marketplace offered over 10,000 products for sale by vendors in March 2013 with seventy percent being illegal drugs grouped under categories like stimulants and psychedelics. Fake driver's licenses appeared alongside legal items such as apparel, art books, cigarettes, erotica, jewelry, and writing services. The site prohibited sales intended to harm or defraud users which included child pornography stolen credit cards assassinations and weapons of any type. A sister site called The Armoury sold firearms during 2012 but shut down due to lack of demand. Most products arrived via mail with seller guides instructing vendors how to vacuum-seal their goods to avoid detection. Buyers could leave reviews of sellers' products while crowdsourcing provided information about trustworthy merchants versus scammers.

    Silk Road 2.0 launched on the 6th of November 2013 when administrators from the original site relaunched the platform under new leadership. Three alleged Silk Road 2.0 administrators including Andrew Michael Jones and Gary Davis were arrested on the 20th of December 2013 before the new Dread Pirate Roberts surrendered control. Blake Benthall operated Silk Road 2.0 under the

  • pseudonym Defcon until his arrest on the 6th of November 2014 in San Francisco as part of Operation Onymous. Thomas White an English computer programmer was also arrested for running the website though his identity remained hidden until 2019 when he pleaded guilty to charges involving child pornography creation. Diabolus Market renamed itself Silk Road 3 Reloaded following the closure of Silk Road 2.0 in November 2014. This third iteration launched on I2P in January 2015 but became defunct by 2018 after similar shutdowns affected other successor sites like Atlantis and Project Black Flag.

Common questions

Who launched the Silk Road marketplace in 2011?

Ross Ulbricht launched the Silk Road marketplace under the pseudonym Dread Pirate Roberts. He created the platform to function as an unregulated online black market on the Tor network.

When did federal agents shut down the original Silk Road website?

Federal Bureau of Investigation agents shut down the Silk Road website in October 2013 after locating its server in Reykjavík, Iceland. Authorities arrested Ross Ulbricht on the 1st of October 2013 inside Glen Park Library in San Francisco while he used his laptop to manage the marketplace.

How many transactions occurred on Silk Road between February 2011 and July 2013?

The platform facilitated over 1,229,465 completed transactions between February 2011 and the 23rd of July 2013. These sales generated approximately 9,519,664 Bitcoins in total revenue plus 614,305 Bitcoins in commissions collected by the site.

What types of products were available on Silk Road during March 2013?

The marketplace offered over 10,000 products for sale by vendors in March 2013 with seventy percent being illegal drugs grouped under categories like stimulants and psychedelics. Fake driver's licenses appeared alongside legal items such as apparel, art books, cigarettes, erotica, jewelry, and writing services.

When did Silk Road 2.0 launch and who operated it?

Silk Road 2.0 launched on the 6th of November 2013 when administrators from the original site relaunched the platform under new leadership. Blake Benthall operated Silk Road 2.0 under the pseudonym Defcon until his arrest on the 6th of November 2014 in San Francisco as part of Operation Onymous.

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All sources

115 references cited across the entry

  1. 1bookThe Beginner's Guide to the Internet UndergroundJeremy Martin — Information Warfare Center — 15 May 2015
  2. 2webSilk Road 2.0Dylan Love — Business Insider — 6 November 2013
  3. 3inlineBenjamin Weiser, "Man Behind Silk Road Website Is Convicted on All Counts" , New York Times, 4 February 2015.
  4. 4inlineNicole Hong, "Silk Road Creator Found Guilty of Cybercrimes" , Wall Street Journal, 4 February 2015.
  5. 5webFBI Arrests Former SpaceX Employee, Alleging He Ran The 'Deep Web' Drug Marketplace Silk Road 2.0James Cook — 6 November 2014
  6. 6webAnonymity is dead and other lessons from the Silk Road trialNicole Lee — 8 February 2015
  7. 7inlineArs Technica, How the feds took down the Dread Pirate Roberts , 3 October 2013
  8. 8web'Silk Road 2.0' Launches, Promising A Resurrected Black Market For The Dark WebAndy Greenberg — 30 October 2013
  9. 9newsRoss Ulbricht, Creator of Silk Road Website, Is Sentenced to Life in PrisonBenjamin Weiser — 29 May 2015
  10. 10webUlbricht guilty in Silk Road online drug-trafficking trialJoe Mullin — 4 February 2015
  11. 11webTrump pardons Ross Ulbricht, founder of Silk Road drug marketplace21 January 2025
  12. 12newsFrom marijuana to LSD, now illegal drugs delivered on your doorstepAmrutha Gayathri — 11 June 2011
  13. 13newsDrugs Bought with Virtual CashJustin Norrie et al. — 12 June 2011
  14. 14inlinePublic statement from a Silk Road spokesperson 1 March 2011.
  15. 15newsCollected Quotations Of The Dread Pirate Roberts, Founder Of Underground Drug Site Silk Road And Radical LibertarianAndy Greenberg — 29 April 2013
  16. 16newsThese Are the Two Forgotten Architects of Silk RoadJoseph Cox — 10 September 2015
  17. 17newsSchumer Pushes to Shut Down Online Drug MarketplaceNBC New York — 5 June 2011
  18. 18newsThe online drug marketplace Silk Road is collapsing – did hackers, government or Bitcoin kill it?Willard Foxton — 1 May 2013
  19. 19newsThe DEA Seized Bitcoins In A Silk Road Drug RaidJohn Biggs — 27 June 2013
  20. 20newsDrug Enforcement Administration seizes 11 Bitcoins from alleged Silk Road dealerAdrianne Jeffries — 26 June 2013
  21. 21newsSilk Road Lawyers Poke Holes in FBI's StoryBrian Krebs — 2 October 2014
  22. 22magazineThe FBI Finally Says How It 'Legally' Pinpointed Silk Road's ServerAndy Greenberg — 5 September 2014
  23. 23magazineDark LeviathanHenry Farrell — 20 February 2015
  24. 24newsMy Google search unmasked a drug lord
  25. 25webIf You're Running an Illicit Drug Site, Maybe Don't Use Your Real Email26 January 2015
  26. 26newsFBI shuts alleged online drug marketplace Silk RoadEmily Flitter — 2 October 2013
  27. 27newsAlleged Silk Road website founder arrested by police in San FranciscoJames Ball et al. — 2 October 2013
  28. 28newsAttorney denies California man ran drug website4 October 2013
  29. 29webWho Is Ross Ulbricht? Piecing Together The Life Of The Alleged Libertarian Mastermind Behind Silk Road Page 2Ryan Mac — 2 October 2013
  30. 30webRoss William Ulbricht's Laptop
  31. 31webAlleged Silk Road Operator Ross Ulbricht Denies he is Dread Pirate RobertsDavid Gilbert — 10 October 2013
  32. 32webManhattan U.S. Attorney Announces The Indictment Of Ross Ulbricht, The Creator And Owner Of The "Silk Road" Website2015-05-13
  33. 33webRoss Ulbrict Indictment
  34. 34webSilk Road founder Ross William Ulbricht denied bail21 November 2013
  35. 35webSilk Road Drug Vendor Who Claimed To Commit Murders-For-Hire For Silk Road Founder Ross Ulbricht Charged With Narcotics And Money Laundering Conspiracies11 May 2023
  36. 36webThe mystery of the disappearing Silk Road murder chargesPatrick Howell O'Neill in October — 22 October 2014
  37. 37webThe FBI's Plan For The Millions Worth Of Bitcoins Seized From Silk Road4 October 2013
  38. 38webFBI Says It's Seized $28.5 Million In Bitcoins From Ross Ulbricht, Alleged Owner Of Silk Road25 October 2013
  39. 39newsUS Marshals to Auction Seized BitcoinPeter Svensson — ABC — 13 June 2014
  40. 40newsSilk Road Bitcoin Auction Winner Tim Draper Won't Say How Many Millions He PaidKashmir Hill — 2 July 2014
  41. 41webSilk Road stunner: Ulbricht admits founding the site, but says he isn't DPR14 January 2015
  42. 43webDefense bombshell in Silk Road trial: Mt. Gox founder "set up" UlbrichtJoe Mullin — 15 January 2015
  43. 44inlineBush, John (28 January 2015) "Recapping Week Two of the Silk Road Trial". TechCrunch. (Retrieved 30 January 2015).
  44. 45webAlleged Silk Road Creator Ross Ulbricht Hit With 'Kingpin' Charge, Another 20 Years Minimum Prison TimeAndy Greenberg
  45. 46inlineNicole Hong, "Silk Road Founder Ross Ulbricht Sentenced to Life in Prison" , Wall Street Journal, 29 May 2015.
  46. 47inlineAndy Greenberg, "Silk Road Creator Ross Ulbricht Sentenced to Life in Prison" , Wired, 29 May 2015.
  47. 48newsEXCLUSIVE Hackers want judge's blood NY 'Silk Road' death threatsRich Calder — 24 October 2014
  48. 49inlineTwo US agents charged over Silk Road . The Financial Times. Retrieved on 31 March 2015.
  49. 50inlineIn Silk Road Appeal, Ross Ulbricht's Defense Focuses on Corrupt Feds . Wired.com. Retrieved 11 April 2016
  50. 51inlineFederal Agents Accused of Stealing $1M in Online Currency . The New York Times via The Associated Press. Retrieved on 31 March 2015.
  51. 52inlineFederal Agents Charged With Stealing Digital Currency . The New York Times via The Associated Press. Retrieved on 31 March 2015.
  52. 53webDEA Agent Who Faked a Murder and Took Bitcoins from Silk Road Explains HimselfSarah Jeong — 2015-10-20
  53. 54webRoss Ulbricht's Lawyers Say They've Found Another Corrupt Agent in Silk Road CaseAndy Greenberg — Wired — 29 November 2016
  54. 55newsSilk Road mastermind pleads for light sentenceBenjamin Snyder — 27 May 2015
  55. 56newsSilk Road founder Ross Ulbricht sentenced to life in prisonNick Allen — 30 May 2015
  56. 57inlineSam Thielman, "Silk Road operator Ross Ulbricht sentenced to life in prison" , The Guardian, 29 May 2015.
  57. 58webArchived copy
  58. 59newsU.S. Supreme Court turns away Silk Road website founder's appeal
  59. 60newsSilk Road cocaine dealer pleads guiltyFidel Martinez — 5 February 2013
  60. 61newsPolice crack down on Silk Road following first drug dealer conviction TechnologyOlivia Solon — WIRED — 1 February 2013
  61. 62newsBitcoin: the hacker currency that's taking over the webRuth Whippman — 12 June 2011
  62. 63newsSilk Road to jail for meth importerJono Galuszka — 14 December 2013
  63. 64webNederlandse Silk Road-handelaar riskeert 40 jaar cel26 April 2014
  64. 65webNederlandse internetdrugsbaron krijgt in VS 10 jaar cel29 May 2015
  65. 66newsWorld's most prolific online drug dealer 'Supertrips' gets 10 yearsJon Seidel — 28 May 2015
  66. 67webThis Researcher Is Tallying All the Arrests From Dark Web Markets7 May 2015
  67. 68webThe final confessions of a Silk Road kingpin22 January 2014
  68. 69webSilk Road drug dealer who cooperated, then fled, sentenced to five years24 March 2015
  69. 70newsA Record Bitcoin Seizure by the US Government at Over $1 Billion in Crypto9 November 2020
  70. 71web$1bn in Bitcoin Moved from Silk Road WalletSarah Coble — 4 November 2020
  71. 72webA mystery person just moved $1 billion of bitcoinAnthony Cuthbertson — 5 November 2020
  72. 73webU.S. Feds Seized Nearly $1 Billion in Bitcoin from Wallet Linked to Silk RoadLorenzo Franceschi-Bicchierai — 5 November 2020
  73. 74webUnited States Files A Civil Action To Forfeit Cryptocurrency Valued At Over One Billion U.S. DollarsU.S. Attorney's Office, Northern District of California — 5 November 2020
  74. 75newsThe Underground Website Where You Can Buy Any Drug ImaginableAdrian Chen — 1 June 2011
  75. 76newsSilk Road: A Vicious Blow to the War on Drugs1 January 2012
  76. 77magazineThe Crypto-CurrencyJoshua Davis — 10 October 2011
  77. 78newsSilk Road Founder Ross Ulbricht Sentenced to Life in PrisonNicole Hong — 29 May 2015
  78. 79magazineFeds Arrest Alleged 'Dread Pirate Roberts,' the Brain Behind the Silk Road Drug SiteKim Zetter
  79. 80newsSilk Road: the online drug marketplace that officials seem powerless to stopJames Ball — 22 March 2013
  80. 81webNow You Can Buy Guns on the Online Underground MarketplaceAdrian Chen — Gawker — 27 January 2012
  81. 82journal'Silk Road', the virtual drug marketplace: A single case study of user experiencesMarie Claire Van Hout et al. — 2013-09-01
  82. 83bookDrugs 2.0: The Web Revolution That's Changing How the World Gets HighMike Power — Granta Publications — 2 May 2013
  83. 84magazineThe Untold Story of Silk Road, Part 1April 2015
  84. 85inlineMulvey, Erin (30 January 2020) "Senior advisor of the 'Silk Road' website pleads guilty in Manhattan Federal Court." Drug Enforcement Administration press release. (Retrieved 10 July 2020).
  85. 86webSilk Road prosecutors complete the bizarre DPR murder-for-hire storyJoe Mullin — 2015-02-03
  86. 87webInside the FBI takedown of the mastermind behind website offering drugs, guns and murders for hire10 November 2020
  87. 88webNew seller accounts26 June 2011
  88. 89webNew seller accounts1 July 2011
  89. 90newsFounder Of Drug Site Silk Road Says Bitcoin Booms And Busts Won't Kill His Black MarketAndy Greenberg — 16 April 2013
  90. 91newsSilk Road mastermind Ross Ulbricht loses legal appealKevin McCoy — 31 May 2017
  91. 92webSealed Complaint 13 MAG 2328: United States of America v. Ross William Ulbricht27 September 2014
  92. 93webTor-hidden online narcotics store, 'The Farmer's Market', brought down in multinational stingLisa Vaas — Sophos — 23 April 2012
  93. 94webUS busts online drugs ring Farmer's Market17 April 2012
  94. 95webBlack Market Drug Site 'Silk Road' Booming: $22 Million In Annual Sales8 June 2012
  95. 96webSilk Road replacement Black Market Reloaded briefly closedAlex Hern — 18 October 2013
  96. 97webSilk Road underground market closed – but others will replace itSamuel Gibbs — 3 October 2013
  97. 98newsSilk Road successors29 May 2015
  98. 99newsThe Deep Web Is Filled With Drugs, Porn And ... Book Lovers(!)Betsy Isaacson — 31 January 2014
  99. 100newsThe Silk Road book club is about what you'd expect31 January 2014
  100. 101webNew Silk Road Drug Market Backed Up To '500 Locations In 17 Countries' To Resist Another TakedownAndy Greenberg — 6 December 2013
  101. 102webAt Least Two Moderators Of 'Silk Road 2.0' Drug Site Forums ArrestedAndy Greenberg — 20 December 2013
  102. 103webFeds Indict Three More Alleged Employees Of Silk Road's Dread Pirate RobertsAndy Greenberg — 20 December 2013
  103. 104webNew Dread Pirate Roberts Abandons Ship on Silk Road 2.0Fran Berkman — 30 December 2013
  104. 105newsThe Silk Road 2 has been hacked for $2.7 millionRussell Brandom — 13 February 2014
  105. 106webHow Silk Road Bounced Back from Its Multimillion-Dollar HackJoseph Cox — Vice magazine — 22 April 2014
  106. 107newsFBI Arrests Alleged 'Silk Road 2.0' Operator Blake BenthallJulianne Pepitone — NBC News — 6 November 2014
  107. 108newsSilk Road 2.0 Dark Web Mastermind Revealed as University DropoutMartin Evans — 12 April 2019
  108. 109webSilk Road 2 Founder Dread Pirate Roberts 2 Caught, Jailed for 5 YearsJoseph Cox — Vice Media — 12 April 2019
  109. 110newsWe spoke to the shady opportunist behind Silk Road 3.0Rob Price — 7 November 2014
  110. 111news'Silk Road Reloaded' Just Launched on a Network More Secret than TorJoseph Cox — 11 January 2015
  111. 112webDarknet markets ecosystem – Lifetimes and reasons for closure of over 100 global darknet markets offering drugs, sorted by date
  112. 113newsRoss Ulbricht's defense team argues Silk Road made buying and selling drugs safer
  113. 114newsSilk Road May Have Actually Made Dealing Drugs Safer, But Not Everyone's Buying That
  114. 115inlineJohn DeFore, "'Deep Web': SXSW Review" , The Hollywood Reporter, 20 March 2015.
  115. 116webSilk Road: Drugs, Death and the Dark Web | A&E