In October 2013, a man in his late twenties sat in the science fiction section of San Francisco’s Glen Park library, running an illegal marketplace that generated an estimated $1.2 billion in sales. Ross Ulbricht was a former physics and materials science student steeped in Austrian economics who spent about six months coding Silk Road and launched it in early 2011 as an experiment in unrestrained free markets. Bitcoin and the Tor network hid the money and the servers. An escrow system, vendor ratings, and a hedge against Bitcoin’s price swings supplied the trust a lawless market needed.

This episode follows the experiment as it outgrew its creator. A Gawker story in June 2011 flooded the site with users, Ulbricht took the name Dread Pirate Roberts, and prosecutors later alleged he paid over $700,000 for murders that were never carried out. The trail that led to him was not broken cryptography but an old forum post. The story continues through a 2015 trial, a double life sentence plus 40 years, two corrupt federal agents, and a full presidential pardon on January 21, 2025.

• Ulbricht banned stolen credit cards and anything meant to harm or defraud, and spun weapons off to a separate site, the Armory, which failed for lack of demand.
• IRS agent Gary Alford searched for the earliest mentions of Silk Road and found a user named Altoid, who had posted a coding question with Ulbricht’s personal Gmail address.
• To seize his laptop unlocked, two agents staged a loud lovers’ quarrel behind him in the library while another grabbed the open machine.
• Investigators Carl Force and Shaun Bridges exploited the case for themselves: one faked a murder with staged photographs and kept the payment, the other drained vendor wallets. Both pleaded guilty.
• In November 2020 the government seized nearly 70,000 Bitcoin, worth about $1 billion, from a hacker known as Individual X who had breached Silk Road years earlier.