US federal agent pleads guilty in Silk Road bitcoin theft

A former Secret Service agent has pleaded guilty to money laundering and obstruction of justice during an investigation of online black market Silk Road.

Shaun Bridges appeared in federal court in San Francisco on Monday and admitted diverting over $820,000 worth of bitcoin to his personal account after getting access to Silk Road.

According to the plea, after resetting passwords and PINs of a number of Silk Road accounts, Bridges funneled the 20,000 bitcoins, worth $350,000 at that time, through a series of “complex transactions” with a stop at Mt. Gox before transferring them into US dollars in May 2013.

Bridges has also admitted that his theft had made Silk Road creator Ross Ulbricht believe that another individual was stealing from Silk Road, which led Ulbricht to try to hire a gunman to kill that person.