Bitcoin Value Plummets After Silk Road Drug Bust

Oct 02, 2013 at 2:46 PM ET

After news broke Wednesday of the FBI crackdown on the underground drug market Silk Road, and the arrest of the man allegedly behind it, Ross Ulbrich, Bitcoin value plummeted. One bitcoin was worth roughly $123 early this morning. By midafternoon, it dropped to $87.55.

As we reported earlier today,  the FBI confiscated $3.6 million in bitcoins during their crackdown on Silk Road. A total of $1.2 billion in bitcoins was processed by Silk Road.

No word yet from the Winklevii. It’s hard to tweet while sobbing.