Bitcoin Criminals Set To Spend $1 Billion On Dark Web This Year

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Bitcoin’s use in illegal online marketplaces peddling everything from drugs to child porn 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.

Read the original article here: bloomberg.com


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