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.” 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ether, Ripple: Crypto starship starts the engines, pointing beyond limits

Yesterday, Ether made a strong impact and shot its dominance level up 10%, easily surpassing the SMA200 and registering one of the most significant upward movements in one day since records began.

More Bitcoin News

Ripple's Price Analysis: XRP/USD struggles to settle above $0.2000 amid improved market sentiments

XRP/USD is changing hands marginally above $0.2000 with over 10% of gains since this time on Monday. The third-largest digital asset with the current market value of $9 billion 

More Ripple News

Ethereum Price Analysis: ETH/USD skyrockets above $170.00, next target $200.00

ETH/USD jumped above $176.00 during early Asian hours as the bullish momentum increased after the coin broke above the psychological $150.00.

More Ethereum News

EOS Price Analysis: EOS/USD bulls aim to take the price above $2.80

EOS/USD had a hugely Monday as the price jumped from $2.35 to $2.76. The price has increased a little more to $2.794 in the early hours of Tuesday. The bulls also managed to break past ...

More EOS News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC breaks its ties with stocks, strives to return its safe-haven status

Most part of the week Bitcoin has been on the recovery path. Slowly but surely the coin left $6,500 behind and even tested waters above $7,000.

Read the weekly forecast

BTC

ETH

XRP