Silk Road 2.0 Founder Talks Crypto: 'I Remember When Bitcoin Was Just $100, We Thought We Missed The Boat Then'

Blake Benthall, founder of Fathom X and former creator of the Silk Road 2.0, and Vincent Agostino, the former FBI agent who arrested Benthall in 2014, reminisced about their common past and how far the crypto industry has come since its early days.

What Happened: In a recent episode of the Web3 Deep Dive podcast with host Rachel Wolfson, Benthall recalls his creation of Silk Road 2.0 in November 2013, a dark web marketplace primarily used for illegal drug transactions. Just one year later, Benthall was arrested by Agostino and the FBI.

Agostino provides insight into the investigation, explaining how they narrowed down their search. “Blake had a unique combination of skills and interests that made him stand out,” Agostino notes. He also discusses the decision to offer Benthall an opportunity to cooperate, recognizing his potential value as a technical asset to the FBI.

Years after his arrest and subsequent cooperation, Benthall founded Fathom X, a company aimed at making cryptocurrency transactions more transparent and secure. “It’s about using my skills for good now,” Benthall points out. “We’re helping businesses prove their claimed assets and ensuring funds aren’t from illicit sources.”

Also Read: Here’s Why Bitcoin, Ethereum, Solana Are So Boring Now Compared To 2021

Both Benthall and Agostino emphasize the need for better education and tools in the crypto space. Agostino states, "There’s this misconception that crypto is perfect for crime. In reality, its traceability makes it a terrible choice for illegal activities." Benthall adds, "Our goal is to make scamming practically impossible on blockchains."

The interview also touches on the rapid evolution of the crypto industry. Agostino recalls, “I remember when Bitcoin BTC/USD was just $100. We thought we’d missed the boat then!” Now, with Bitcoin’s value significantly higher, both guests stress that it’s not too late to get involved.

Looking to the future, Benthall expresses excitement about building openly in the crypto space. “We’re at a turning point,” he says. “The technology is maturing, and we have the opportunity to shape its future.” Agostino agrees, highlighting the increasing mainstream adoption: “We’re seeing Bitcoin ETFs, politicians talking about crypto… it’s becoming part of the mainstream financial conversation.”

Agostino offers a final thought: “The crypto space is no longer the Wild West. It’s maturing, and with the right oversight and innovation, it has the potential to revolutionize finance as we know it.”

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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