Crypto Assets and dark web Crimes: 2020 Trend Analysis

Since the birth of Crypto Assets, they have often been associated with dark web, money laundering, and other cybercrimes due to their high level of secrecy and cross-border capabilities. In fact, the dark web is indeed one of the largest application scenarios for Crypto Assets.

The former "Silk Road" was known as the "dark version of e-commerce platform," a well-known trading place in the dark web where various illegal transactions took place. Although it was shut down by law enforcement in 2013, the dark web did not disappear; instead, new alternative platforms emerged. According to a data platform, the activities in the dark web market in 2020 saw significant growth compared to 2019.

In April 2020, media reported that 530,000 video conferencing software account passwords were sold on the dark web, involving several well-known institutions. Investigations suggest that this was likely due to a credential stuffing attack. Hackers used previously leaked account lists to automatically filter and match on the platform, thus stealing user privacy. This reflects that the software may have shortcomings in user protection measures.

Crypto Assets play a key role in dark web transactions. According to statistics, in 2019 alone, the transaction volume of Bitcoin in the dark web market exceeded 1 billion dollars. In addition to Bitcoin, other Crypto Assets such as Monero, Litecoin, and Zcash are also widely used in illegal transactions.

In recent years, several large-scale data breach incidents have been related to the dark web. From social media user data to hotel customer information, and student enrollment data, this sensitive information has been sold on the dark web. The reason why Crypto Assets are favored is mainly due to their decentralization, strong anonymity, and convenient transactions.

Hackers are continuously upgrading their methods of money laundering using Crypto Assets. Common methods include using digital currency exchange services, obfuscation techniques, and coin mixing services. This poses significant challenges for law enforcement in tracking and regulation.

To cope with the increasingly rampant decentralized crime in 2020, experts suggest strengthening regulation in the following areas:

1. Use KYT( Know Your Transaction) technology to identify suspicious transactions.
2. Strengthen cooperation among all parties and share information to prevent criminal activities.
3. Promote international cooperation and establish a borderless regulatory system.
4. Leverage the professional advantages of security companies to assist in investigation and evidence collection.

A certain security company has assisted in the investigation of multiple criminal cases involving Crypto Assets through its anti-money laundering compliance system, providing important evidential support to law enforcement agencies.

There are different views in society regarding dark web crime. Pessimists believe that technology is misused for criminal activities, while optimists think that we should learn from it and explore the positive applications of technology.

Overall, we need to recognize the potential value of Crypto Assets while also acknowledging the risks they may bring. In the future, close international cooperation and effective utilization of technology will be key to achieving sound regulation. We need to promote the healthy development of Crypto Assets while preventing them from becoming a breeding ground for illegal activities and a disruptor of financial order.