Anti-crypto governments and institutions have always said that cryptocurrencies were designed for the sole purpose of illegal transactions. The last couple of years, saw both a bear and bull market, but contrary to governments’ beliefs, not much illegal bitcoin transactions.
Illegal online markets sell everything from illegal pornography to drugs and military-grade weaponry. This has been the case evens before Silk Road was operational. According to research data from Chainalysis, the illegal bitcoin transactions this year could pass the $1 billion mark.
Illegal bitcoin transactions aren’t as much as you think
The $1billion mark sounds like a very troublesome figure, the actual truth is that the situation greatly improving. Despite the high number of illegal bitcoin transactions, the legal to illegal ratio is tipping ever so slightly towards absolute majority of legal transactions.
Chainalysis noted that the if the $1billion mark is reached, that would result in 1% of the total bitcoin transactions being illegal. Back in 2012, the illegal bitcoin transactions represented over 7% of the overall bitcoin activity.
This year, it appears that over $515 million has been used on transactions of all sorts on the dark web. The most used illegal market for BTC seems to be “Hydra”. BTC is without a doubt the cryptocurrency of choice with Monero (XMR) coming in second. The report mentions that the overwhelming majority of the deals on such marketplaces are about drugs.
Australia has had a problem with dark web drugs for a while. There’s packages coming from everywhere in the world and in massive numbers every single day.
In the United States, there’s 4 to 5 times more interest in steroids and controlled substances than the entire world combined. Among the most purchased products in the United States are Xanax, Valium, Viagra and oral steroids.
Last month, the Financial Action Task Force (FATF), began the mandating of extremely strict know-your-customer (KYC) measures for crypto custodians and exchanges. Ever since FATF was founded, the inter-governmental organization has prioritized the combat of online money-laundering and illegal crypto activities.
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Tags:anti-crypto governmentschinalysis illegal transactionsdark web bitcoinFATF cryptoHydra bitcoinillegal bitcoin transactionsillegal crypto transactionsMonero dark web