Crypto currencies are widely used by hackers and the darker side of the web to make illegal and unfair affairs. It is being done for a pretty long period of time. However, it cannot be stopped; it can at least be restricted to some extent.
The dark web first came into play in 1970s. It was actually a term to denote private networks which had a high level of privacy. But it has come a long way from being the innocuous system it used to be. Gradually it has become the ultimate hub for the communication and planning of criminal activities. To facilitate their trade the crypto currencies, most especially- Bitcoin, became the currency of choice.
Trendon Shavers conceded that he ran 150 million dollars Ponzi scheme. This came shortly after Tomáš Jiříkovský was caught in Czech Republic after he tried to steal thousands of Bitcoins for a darket market. There are many cases where individuals or groups have embezzled a sum of money from a crypto currency exchange.
There are a number of reasons why the darkweb is using the crypto currency as their weapon of choice. Crypto currencies use blockchain technology as their foundation. This is a decentralized way of making transactions or payments. It becomes extremely beneficial to activities on the dark web when you can execute transactions without leaving a trace. The crypto currencies generate a special address with every transaction. Even though the address is traceable, it cannot be completely traced back to the original owner. Now this is a dream come true for the dark web. Through the blockchain technology, the transactions are made in a really secure manner. The black market dealer is getting a reliable and secure means to get their transactions done which otherwise would not be allowed on other payment platforms like PayPal. They are getting intrusion from the government through crypto currency. It is estimated that at least 47% of transactions involving Bitcoin are done on the dark web. The criminals are getting a wider range of autonomy compared to the traditional ways of transactions. In fact, tech-savvy individuals can make huge transactions on the network. There are relatively low cost of transaction and the process is also very speedy. The hackers are doing their business by making the victim click on a link which will direct them to their scams. They can easily make transactions and it cannot be traced back to them. The government can keep tracks through the traditional ways of transactions. But with this form, they will surely face a number of difficulties to track or restrict such activities.
The term crypto jacking means that the unauthorized use of someone else’s computer to mine crypto currency. Just with a simple click on some malicious link, hackers can trap their victim in this scam and inflict their computer. The practice is rampant as it doesn’t even require any special technical skills. It is a simple method for hackers to make more money with lesser risks. Crypto mining continuously generates money rather than the ransom worthy sum they used to get earlier. Crypto mining code might include multiple versions to account for different architectures on the network to increase their ability to spread across a network.
Since 2017, the value of crypto currency shoots up and then it plunges down. But people are using it as investments in case the value skyrockets anytime soon. If it does, it can be so that the black web is going to come up with new methods to inflict their illegal activities.