Silk Road Accused's '$28m Stash' Found By FBI

Around $28m (£17.3m) worth of online currency has been seized from a man accused of operating a black market drugs website known as Silk Road.

New York attorney Preet Bharara said more than 144,000 bitcoins, the largest seizure of digital currency ever, were found on computer hardware belonging to Ross William Ulbricht.

The 29-year-old suspect's lawyers in California and New York have not commented on the latest development in the case.

Ulbricht was arrested at the beginning of this month in San Francisco and charged with narcotics trafficking, computer hacking and money laundering in connection with the website, which is believed to have collected more than $1bn (£618m) in revenue.

Dubbed the eBay of the drug trade, the website used a privacy-protecting Tor network and the bitcoin currency to shield the identities of buyers and sellers around the world.

Ulbricht, a physics graduate from Texas, is also charged with arranging to pay someone to kill a witness.

He was sent to New York earlier this month.

An FBI agent said Silk Road was used by "several thousand drug dealers" to sell "hundreds of kilogrammes of illegal drugs".

The website allowed users to anonymously browse through nearly 13,000 listings under categories such as "cannabis", ''psychedelics" and "stimulants", "erotica", "forgeries" and "fireworks".

If convicted, Ulbricht could be sentenced to life in prison.

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