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Former Silk Road 2.0 boss pitches new crypto venture at San Francisco tech meetup, openly discussing his controversial past to woo potential investors.
Blake Benthall, once known for running the illegal online marketplace Silk Road 2.0, has resurfaced in the tech scene with a new cryptocurrency venture. At a cryptocurrency convention called Consensus in Austin, Texas, Benthall presented his latest startup, Fathom(x), to potential investors.
During his pitch, Benthall was surprisingly open about his controversial past. He mentioned Silk Road 2.0, describing it as a Bitcoin-based platform that attracted 1.7 million users looking to buy illegal drugs. Benthall also discussed his arrest and subsequent extensive cooperation with federal authorities, which lasted for about seven years.
This marks a significant change for Benthall, from operating an illegal website to seeking legitimate investments in cryptocurrency. His willingness to discuss his past openly with potential investors suggests he's aiming for transparency in his new business efforts. Fathom(x) aims to provide businesses and government agencies with software to track digital currency transactions and ensure legal compliance.
Benthall's presentation highlights the complex relationship between cryptocurrency, illegal activities, and mainstream business. The use of Bitcoin on Silk Road 2.0 adds to the ongoing debate about whether cryptocurrencies are primarily tools for illegal activities or legitimate commerce.
Benthall's presence at Consensus, a major crypto industry event, reflects the evolving nature of the cryptocurrency and blockchain sectors. His background, which includes not only running Silk Road 2.0 but also years of assisting government investigations, appears to be viewed as valuable experience in the industry.
As Benthall rebuilds his career, his case illustrates the challenges faced by those attempting to move past illegal activities. It also demonstrates the tech industry's sometimes complicated relationship with disruptive technologies and the people behind them.
Notably, Benthall's pitch at the convention was successful in attracting immediate interest. He received a $150,000 handshake deal on the spot from one investor. This quick positive response suggests that some in the industry see value in Benthall's unique experience and current business proposition.
Benthall's story traces a complex journey from his home-schooled Christian upbringing, through his time at SpaceX, his leadership of Silk Road 2.0, his arrest and cooperation with the government, to his current efforts to establish a legitimate presence in the cryptocurrency industry. While the full details of his cooperation with authorities remain undisclosed, it's clear that his extensive work with the government has played a significant role in shaping his current position in the industry.
