Silk Road Bitcoin Auctioned Off to Guy Who Wants to Split Up California

When the FBI shut down illegal online marketplace the Silk Road, it seized a stash of 30,000 Bitcoin from the underground website and announced plans to auction the supply off. This week, venture capitalist and would-be California-splitter-upper Tim Draper won all of it, gaining an estimated $17.7 million in illicit… » 7/02/14 12:20pm 7/02/14 12:20pm

IRS Declares Bitcoin Is Property and Must Be Taxed As Such

With April 15 looming, plenty of bitcoin barons have been wondering how to treat their newfound crypto-fortunes. Does it count as capital gains? Is it taxed like a currency? Is it taxed at all? Well, on Tuesday, the Internal Revenue Service announced definitively that Bitcoin is property, and will be taxed as such. » 3/25/14 2:24pm 3/25/14 2:24pm

The Guy Who Invented Bitcoin Is a Reclusive Oddball (Surprise!)(Updated)

Bitcoin, like all great fantasies, has a compelling creation myth: one Satoshi Nakamoto existed on the internet just long enough to give birth to everyone's favorite cryptocurrency before disappearing for six years. Theories abounded as to the man's true identity. No one could track him down. That is, until Newsweek… » 3/06/14 8:49am 3/06/14 8:49am

The 6 Biggest Bitcoin Heists in History

Ever since a single Bitcoin became worth a small fortune, there have been people trying to steal them. Sure, there have some small-time thieves who've stolen a few hundred dollars worth of Bitcoin here and there. But there have also been heists. Massive, highly orchestrated attacks that lead to millions of dollars… » 2/27/14 1:00pm 2/27/14 1:00pm

$1 Million Heist Reminds Us That Bitcoin Is Neither Safe nor Secure

Let's play a little game called Good Idea/Bad Idea. Round One: Saving money. That's a good idea! Round two: Saving thousands of dollars in a Bitcoin wallet that's highly susceptible to hackers and heists. As the customers of Bitcoin payment processor BIPS will tell you, that's a bad idea. » 11/25/13 1:40pm 11/25/13 1:40pm

The FBI Just Scooped up $28.5 Million in Bitcoin from Silk Road

As of Friday afternoon, the FBI had managed to seize 144,000 bitcoins from Silk Road's founder. Worth some $28.5 million in current exchange rates, that's the largest ever seizure of the cryptocurrency. But based on the Bitcoin trail uncovered in recent weeks, over $50 million could still be missing. » 10/25/13 4:03pm 10/25/13 4:03pm