News
The dark web drug market used crypto for payments, but blockchain transaction tracing helped the FBI identify its creator, who was sentenced to 30 years in prison.
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Dark Markets News
The dark or black market is a shadowy part of an economy that traffics in illicit goods. In terms of the economy, dark markets operate as a part of the whole market, so it — in the same way — obeys the law of supply and demand. Dark markets have their own online platforms or websites are called darknet markets or cryptomarkets and they operate via darknets that allow users to stay absolutely anonymous while working on the net. Considering the relative anonymity and universality of cryptocurrency compared to fiat currencies, Bitcoin has already become popular as a payment method on dark markets. One of the most popular examples of such use of digital currency is Silk Road, the internet retail platform that traded illegal products and services.
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The apparent shutdown follows years of scrutiny of one of crypto’s largest fraud marketplaces.
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Silk Road-linked wallets still hold about $38.4 million worth of BTC, with millions potentially sitting in other unseized wallets.
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Abacus commanded around 70% of the market share across all Bitcoin-enabled Western darknet marketplaces in 2024.
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Huione-linked wallets moved nearly $1 billion in USDT to CEXs since FinCEN imposed restrictions on US financial institutions interacting with the group.
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US authorities seized 145 domains and crypto linked to BidenCash, a dark web market accused of selling millions of stolen credit cards.
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The US Office of Foreign Assets Control says the marketplace created by Iran-based Behrouz Parsarad facilitated the sale of drugs, fake IDs and hacking resources.
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The judge said the 18 months Anatoly Legkodymoc had already served in Brooklyn’s “terrible” MDC was enough punishment.
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Incognito Market, a darknet marketplace for narcotics trading, has reportedly exit-scammed its users of their BTC and XMR.
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The Chainalysis 2024 Crypto Crime Report highlights a $1.7 billion revenue surge in darknet markets and a rise in crypto-linked sanctions and new scam trends.
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The compromised accounts could give bad actors confidential information about companies and individuals.
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Cryptocurrency accounts still fetch the highest prices among hacked online accounts, according to online data security provider Privacy Affairs.
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The report defines criminal whales as private wallets that hold more than $1 million worth of crypto, with more than 10% of their balances coming from illicit addresses.
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The SEC has taken action against a Californian man for fraudulently offering insider stock trading tips on a darknet marketplace.
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The DoJ thinks the FBI needs to shape up when it comes to its cryptocurrency support teams.
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