Featured
Bitcoin Criminals Set to Spend $1 Billion on Dark Web This Year
(Bloomberg) — Bitcoin’s use in illegal online marketplaces is on pace to set a record this year at more than $1 billion, according to a report by Chainalysis.
While the proportion of Bitcoin transactions dedicated to illegal purchases is declining, about $515 million of the digital coin has already been spent this year on the so-called dark web, according to the firm, which helps companies such as cryptocurrency exchanges investigate and prevent illegal transactions.
Dark-net spending in Bitcoin peaked in 2017, at $872 million, and declined last year as the coin’s price took a dramatic dive.
The findings are a reminder of the regulatory risks surrounding the digital tokens, which are beloved by criminals looking to preserve some degree of anonymity. Last month, the Financial Action Task Force — an inter-governmental organization focused on combating money laundering and terrorist financing — began mandating strict know-your-customer measures for crypto exchanges and custodians. Also in June, Europol met with companies in the space to trade tips on best practices in detecting crypto-facilitated crime.
Of all the illegal online marketplaces, Hydra is the largest, according to Chainalysis, which examined transactions on the Bitcoin blockchain to see how much was being spent on these sites.
Drugs are the most prominent category of goods sold, stolen credit-card information are also in demand, Chainalysis found. Bitcoin is the most popular cryptocurrency accepted on these marketplaces, followed by Monero, Chainalysis said.
While the growth in illicit Bitcoin spending may be alarming, a major caveat is that the proportion of Bitcoin transactions tied to illicit deals is declining.
Illegal activity has accounted for less than 1% of all Bitcoin activity so far this year — down from 7% in 2012, according to Hannah Curtis, senior product manager of data at Chainalysis.
-
OER Magazines2 months ago
OER Magazine: December 2024 Edition – The Most Trusted Brands in Oman
-
Energy2 months ago
Oman and Belgium Strengthen Green Hydrogen Partnership with New Landmark Agreement
-
Technology2 months ago
EXCLUSIVE: Technological Singularity – Will It Become Humanity’s Greatest Leap or Its Most Perilous Step?
-
Energy2 months ago
OUTLOOK: Emerging Markets and Renewables – The Twin Engines of Energy Growth for 2025
-
Economy4 weeks ago
Here’s Everything You Need to Know About Oman’s State General Budget for 2025
-
Oman2 months ago
Oman Braces for Launch of First Experimental Rocket Duqm-1 on 4 December 2024
-
Oman2 months ago
Transport Ministry Issues New Regulation for Security of Ships, Ports
-
News2 months ago
Nvidia Reveals AI Model for Sound Production
You must be logged in to post a comment Login