Industry Report: The Digital Drug World Just Got a Lot More Private
Drug dealers find solace in Monero, Shopawl accepts bitcoin, and the era of traditional banking may finally come to an end. Check out the stories below to catch up on your latest tech and digital currency news. MONERO MAKES DRUG TRADING MORE PRIVATE. At just two years old, Monero is one of the world’s newest altcoins. Despite its lack of experience in the digital arena, however, the price of the coin quadrupled early last month, and the coin is earning newfound popularity among drug dealers thanks to its promise of more privacy. AlphaBay, one of the dark net’s leading drug sites, has....
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A new report, commissioned by the Dutch government, shows that online drug markets have grown since 2013 despite an uptick in major crackdowns since that time. Global Drug Dealers Raking in Millions on the Dark Net. The report was requested by the Netherlands government to determine how drug markets have fared in the years after Silk Road’s demise. Unfortunately for authorities, the report seems to suggest that their efforts to stop online drug trading have mostly failed. In fact, according to the report, the successors of Silk Road are raking in millions of dollars in revenue each month.....
The drugs procured from darknet marketplaces are much safer than those available on the streets due to various reasons, states a recent report by EMCDDA. The rise of darknet marketplaces is attributed to the increased adoption of digital currencies like Bitcoin. Darknet marketplaces use digital currencies as a mode of transaction to ensure anonymity of all the parties involved. Lately, law enforcement agencies from across the world are trying hard to bring dark net drug dealers to book. They have been met with limited success as these marketplaces continue to evolve. However, there is a....
Olaf Scholz said banks need to adapt for a digital world but seemed to rule out private digital currencies from that future.
Australian newspaper The Age this week reported that millions of dollars worth of bitcoin has been seized in a drug bust spearheaded by Victorian authorities. Said report indicates that the Director of Public Prosecutions "obtained a restraining order" on the bitcoins from the suspected drug traffickers' wallet some time in 2012-2013. This information came from the office's most recent annual report presented on Tuesday in state parliament. "Criminals have embraced the digital currency to transact in illicit goods and to launder money across borders, posing a challenge to law enforcement,"....
The recent news that the Danish police have become the first in the world to hunt down Internet drug traffickers by analyzing related transactions is, in a way, a positive for the image of the top digital currency in the world, Bitcoin. With its latest rise to an all-time high in several markets, there is a tendency for the cryptocurrency to attract more users. Some of them use Bitcoin for criminal purposes, so the recent arrest in Denmark is a good move for the image of the currency. Not to demonstrate that it can be controlled by the police in any country but to show that it is possible....