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Thursday

26 November 2020

Bitcoin Use on Darknet Markets Jumps 65% to Over $400 Million in First Quarter | Bitcoin News

Bitcoin Use on Darknet Markets Jumps 65% to Over $400 Million in First Quarter | Bitcoin News


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The amount of bitcoin sent from darknet entities to mixers also grew rapidly as exchanges with verification requirements became less popular among darknet users.

“If we consider the amounts in USD, we see that darknet entities received and sent an increased amount of money — from $384m in Q1 2019 to $411m in Q1 2020,” the team continued.

The number of bitcoins sent from one darknet entity to another also grew in the first quarter, prompting the researchers to theorize that darknet users could be trying to hide their bitcoin flow inside of the darknet to avoid detection of their activities

Moreover, the amount of bitcoin that mixing services sent to darknet entities nearly tripled, from 106 bitcoins in Q1 2019 to 288 bitcoins in Q1 2020

Crystal Blockchain’s researchers concluded, “it seems that exchanges with verification requirements are becoming less popular as a way to withdraw bitcoin from darknet entities, while mixers are becoming more popular for withdrawing from darknet entities.”

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