Darknet Scrutinized – Shut Out of Lucrative Opportunities in the International MarketOctober 19, 2019
Bitcoin transfers are traced, and related Darknet processes, and people are sentenced. While an entire economy is powered by cryptocurrency, there are some businesses, which destroy the faith related to the technology. This eventually leads to a slowdown in the adoption of legitimate cryptocurrency. A step in the right direction will be to fight against such services.
Jessie K. Liu, U.S. Attorney for the District of Columbia, stated, “You may try to hide behind technology, but we will find you, and we will arrest and prosecute you.”
Cryptocurrency has a lot of support in the Darknet. There are a total of 31 Darknet market places out of which nearly 93% of them support the Bitcoin.
Colorado, law enforcement officers, were provided advanced “darknet” training for Homeland Security Investigation Purposes. The local police recently learned about how to investigate crimes that involve advanced technologies to deal with criminals.
The complexities and investigative challenges associated with technologies were included in the training. This training provides the potential for successful outcomes in the process of criminal investigations. The trainees were instructed on how the anonymity of the cryptocurrency tools works by making use of step-by-step demonstrations.
Investigations related to financial fraud, money laundering, identify fraud, benefit fraud, online sales, and distribution of narcotics were all given.
Recently a Trojan browser was designed to steal Bitcoin from the buyers using the Darknet. The target was users from Russia. The original crypto addresses were swapped to complete the stealing process — the Tor Browser version phishes out the Bitcoin from the Darknet Shoppers.
“This trojanized Tor Browser is a non-typical form of malware designed to steal digital currency from visitors to darknet markets. Criminals didn’t modify binary components of the Tor Browser; instead, they introduced changes to settings and the HTTPS Everywhere extension. This has allowed them to steal digital money, unnoticed, for years.”
Cryptocurrencies across the world can feel the strain from authoritative regulatory organizations. The FATF Recommendations are not legally binding; however, the G-20 nations use them to regulate cryptocurrencies for AML (Anti-money Laundering) Businesses should adapt to the regulation failing which they will be shut out of the lucrative opportunities in the international market. There have been no punitive measures so far. The companies and crypto exchanges are working fast.
The privacy coins are the controversial methods of payments in the market. Some of the privacy coins hide the identity of the users, and some help protecting the cryptocurrency held and traded from the wallets.