Europol: Bitcoin is the principal cryptocurrency used in the dark web

Bitcoin is predominant in the dark web due to its familiarity within the customer base.
Bitcoin is also extensively used in ransomware campaigns.

Bitcoin plays a vital role in the underground economy and is the principal payment method that is used in the dark web. Those seeking to mask their tracks are gradually learning to use privacy-focused alternatives. Europol, in its latest assessment of internet-based organized crime, stated:

“While we have previously reported a small shift towards more privacy-focused cryptocurrencies such as Monero, Bitcoin remains the currency of choice for both legitimate and criminal use.”

Europol reported that Bitcoin is predominant in the underground economy, notably in dark web markets due to its familiarity within the customer base. Precisely, Bitcoin is extensively used in ransomware campaigns. Europol states that these attacks are the most prominent cybercrime it tackles.

Hard Fork has previously accounted for many ransomware attacks that demanded Bitcoin to restore encrypted files. Authorities mention that there has been a rapid “pronounced shift” towards the use of more privacy-orientated cryptocurrencies and hopes that the trend is maintained as criminals become more security-aware. Europol said:

“The main developments regarding this trend are on the Darknet [sic] markets, several of which also accept Monero, or in some cases exclusively trade in it.”

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.