Chainalysis Says Almost One Million Bitcoin Is Held By Dark Web Markets And Cybercriminals
Chainalysis Says Almost One Million Bitcoin Is Held By Dark Web Markets And Cybercriminals
July 28, 2020
Chainalysis Says Almost One Million Bitcoin Is Held By Dark Web Markets And Cybercriminals
Chainalysis Says Almost One Million Bitcoin Is Held By Dark Web Markets And Cybercriminals
July 28, 2020

Chainalysis has said that almost one million Bitcoin is held by Dark Web markets and cybercriminals, with crypto exchanges playing a pivotal role in the space.

It has been reported that illicit markets currently have 585,000 BTC in their possession, scams have 99,000 BTC, stolen funds constitute another 205,000 BTC, and all others hold an additional 3,000 BTC, a grand total of 892,000 BTC.

According to Chainalysis, only 0.32% of all current Bitcoin flows are tainted by illicit activity.

However, the top destinations for illicit Bitcoin are crypto exchanges, as this coincides with the observed behavior of Twitter’s recent hackers, who were quick to move their newly acquired assets to the exchanges.

As per the report, around 300,000 Bitcoin is held by scammers and thieves. In recent years, crypto exchanges have begun to take their Know Your Customer and Anti-Money Laundering procedures more seriously.

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These policies make it harder for criminals to offload their ill-gotten loot, which also bodes well for the market as massive selloffs by the criminals could lead to a collapse in price.

Source: Cointelegraph | Image: Panda Security


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Ishita Bora

Ishita Bora is a content creator at Digital Notice Media Labs. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. She is an archetypal writer, who loves to create her own little world with words and locutions. Apart from this, her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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