DarkNet

Law enforcement agencies make their best efforts to combat criminals performing drug transactions via the darknet. On August 24, the Indian Narcotics Control Bureau arrested a young man for buying ecstasy pills using Bitcoin.

The Bitcoin transactions on the darknet has decreased dramatically in 2020 compared to other years.

Cryptocurrency has been attracting illegal dealers since its very inception. Due to its anonymity and security, Bitcoin was widely used as a payment method on the darknet shadow markets. However, lately criminals started paying more attention to Monero as this cryptocurrency allows for an enhanced secrecy and disguise.

Cryptocurrency exchanges actively apply KYC regulations to pressure darknet entrepreneurs. Despite the reduction of cryptocurrency transactions on the darknet, criminals are still active in their shadow industry.

At least 129 million Russian motorists now have their information with an unknown hacker group that is attempting to sell it on the darknet for cryptocurrency.

As the COVID-19 pandemic spreads around the world, the demand for medical supplies such as test kits, reagents, masks etc. skyrockets. In its turn, the growing deficiency has pushed a growth in counterfeit products.

Darknet shops that sell drugs and stolen credentials are now offering N95 respirator masks and anti-malaria medicines. To stay anonymous, these underground entrepreneurs accept bitcoin payments.

Most people use bitcoin for investment rather than for payments, it is a currency, after all. And some users perform transactions with it just like with ordinary money, which it is, in fact. However, as the price of bitcoin has become highly volatile, the number of people willing to spend it has decreased sharply.

Prices were falling all last year but this fact didn’t prevent people from conducting transactions on the darknet.  Moreover, reliable sources claim that the number of bitcoin payments on darknet by the end of 2018 doubled since the beginning of the year.