$1 Billion was spent in Darknet by Bitcoin criminals this year

$1 Billion was spent in Darknet by Bitcoin criminals this year

According to a Chainalysis report, this year set a record in Bitcoin’s use on the illegal Internet and the amount of money reached $1 billion.

While the number of Bitcoin transactions dedicated to forbidden buyings is failing, about $515 million of the digital coin has already been used this year on the darknet, according to the company, which helps organisations such as cryptocurrency exchanges examine and stop illegal transactions.

The verdicts are a note of the administrative risks surrounding the digital tokens, which are favoured by criminals looking to conserve some level of anonymity. Last month, the Financial Action Task Force established mandating strict know-your-customer norms for crypto exchanges and custodians. According to Chainalysis, which analysed transactions on the Bitcoin blockchain to see how much was being consumed on dark sites, the biggest marketplace is Hydra. Bitcoin is the most famous cryptocurrency used as a payment method on these platforms, followed by Monero, Chainalysis said.

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