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.
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.
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.
Authorities in South Korea arrested 9 drug dealers who sold narcotics through an obscured online platform using crypto, according to a report by Korea Herald. The office of Seoul Central District Prosecutor revealed on December 23, 2018, that the purported criminals used the darknet and even developed a website purposely to sell drugs.