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The crimes being committed using blockchain technology and cryptocurrency run the gamut. SilkRoad, the original dark-web hub which was shut down in 2013, was the place to buy and sell drugs online, with over 13,000 drug listings and 1,400 vendors. Many other places have popped up to replace it, and what’s more is they offer the services of criminals far more sinister than drug dealers.

Cryptocurrencies from the most popular, Bitcoin, to Monero and Zcash―the more anonymous and protected choice for criminals―are being used to put hits on people, sell weapons, and provided fraudulent false credentials, including IDs and passports. Cryptocurrencies are even being used to finance terrorism.

In the midst of these revelations about the popular investment platform, the eye of government bodies and regulatory as well as law enforcement agencies has long been on the crypto world. The concerns over global crime, as well as the opportunity cryptocurrency offers investors to evade taxes and participate in Ponzi schemes, are all reasons for the FBI, IRS, and other international bodies to crack down.

Only 8% of Americans own cryptocurrency, but the problems in cryptocurrency have global effects.

Learn more about the dark side of crypto with the infographic below, provided by NullTX.

dark side of crypto

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