With the advent of the digital age, scams have also increased a lot digitally. And the scammers are now watching the bitcoin that is the known name of the cryptocurrency, as a coin across the dark web. Crystal Blockchain Analytics a well-known firm released a report that shows that the value of bitcoins across the dark web has increased by 65 percent in the first quarter of this year. It has estimated that the total value of bitcoin transferred across the dark web rose by triple digits over the past three years.
Crystal also estimated that crypto exchanges are among the targets and receivers of bitcoins sent from darknet resources. Exchanges are made without verification of the documents sometimes and people getting the most amount from the bitcoin, are earning huge profits.
Darknet and Cryptocurrency forces are designing a global cryptocurrency a set of classifications that will define which categories of data from misleading cryptocurrency transactions should be taken. These may include the kind of cryptocurrency exchanges that are being used or the type of crime that is linked to the transaction.
The various categories that are digitally involved in the cryptocurrency, like how a digital photograph is tagged with data on the location of the image.
The draft taxonomy is a simpler one and includes:
- Things like individuals, organizations, digital tittles;
- Various kinds of services like Darknet markets, cryptocurrency exchange rates, messages senders, and other services provided related to the transaction.
- Several crimes like crimes related to the online sale of drugs and weapons, human trafficking, child sexual abuse, terrorism, and cybercrimes.
The bitcoin usage is decreasing to a very large amount due to the use of altcoins at a very high rate over the past few. But a well-known firm Crystal Blockchain Analytics mentions some other factors, such as the market capitalization is growing in the markets and bitcoins are being adopted drastically. More anonymous services are being used now e.g. the number of Bitcoins that the dark-web users sent to exchanges and required ID verification during Q1 2020 dropped frequently. One report stated that the amount of Bitcoin that was sent by darknet sites through some exchanges dropped significantly.
The usage of altcoins for criminal activities has increased to a very large extent, despite the increased activity of Bitcoins traded through the dark web and this is the major highlight for now in the cryptocurrency trading markets.
The various number of Bitcoins that revolve in the dark-web are sent to exchanges that require ID verification during the 2020 pandemic year. According to the authorities that are involved in the investigation related to this matter, the use of private tokens makes it quite difficult for investigators to catch the people behind these scam transactions. Hence, cryptocurrency like bitcoin has become the new currency brand for the darknet.