Cryptocurrency Anonymity Is Fueling Dark Web Activities, Says US Think Tank
Rand Corporation, a think-tank based in the United States has released its findings in relation to dark web activities.
Cryptocurrency anonymity were among the notable emerging issues sustaining the illegal operations in today’s dark web. The report is a combined effort of the University of Denver, Police Executive research forum and Rand corporation as per the mandate provided by National Institute of Justice.
This release was deliberated upon during a researchers’ and regulators’ workshop; they suggested around 46 ways that can be effective in curbing illegal businesses operating through the dark web.
Digital Currencies and the Dark Web
Despite the anonymity featured within the dark web ecosystem, frauds have gone a notch higher with cryptocurrencies.
The report specifically noted Monero, Litecoin and Bitcoin as the favorite digital assets for the dark web gurus. It goes to further note that Bitcoin’s liquid nature and ongoing legitimate transactions makes it more difficult for enforcement authorities to narrow down to the offenders.
The workshop attendees however suggested that proper training for law enforcers is among the long-term solutions. In addition, a detailed review of existing laws and the loopholes would inform on a regulatory direction besides transparent ecosystems for information-sharing across countries.
As it stands, there is a gap in the techniques used to curb crypto-affiliated dark web activities most being outdated. Even with the challenges, regulators in the U.S have solved International drug cases where the main suspects hold Bitcoin for transactions.
A good example is Christopher Bania, who took a guilty plea on drug distribution during his conviction in a U.S court. Consequently, the courts ordered him to surrender 17 BTC in his possession; this was worth $150,000 according to the prevailing market price in that period.