Mastermind behind Silk Road site facing life in prison

The suspected mastermind behind the underground website Silk Road was convicted on narcotics and other charges for his role in orchestrating a scheme that enabled around $200m (€175m) of anonymous online drug sales using bitcoins.

Ross Ulbricht, 30, was found guilty by a Manhattan federal jury on all seven counts he faced after a closely watched four-week trial spilling out of US investigations of the use of the bitcoin digital currency for drug trafficking and other crimes.

The jury found Ulbricht guilty of charges that included conspiracies to commit money laundering, computer hacking and drug trafficking.

Ulbricht faces up to life in prison and a mandatory minimum term of 20 years. His sentencing was scheduled for May 15.

Silk Road relied on the so-called Tor network, which lets users communicate anonymously, and accepted payment through bitcoins, which according to prosecutors allowed users to conceal their identities and locations.