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Jul 29, 2020
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About 1 million BTC are involved in dark web markets and illegal crypto activities

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According to Chainalysis’s data, nearly 1 million bitcoins are circulating in the dark web market and other illegal situations. Crypto exchanges play a pivotal role in this issue.

According to Chainalysis, nearly 1 million bitcoins are held by illegal actors in the field, and more than half of them are in the dark web market.

The illegal market currently holds 585,000 BTC, scam funds account for 99,000 BTC, stolen funds constitute another 205,000 BTC, and all other markets also hold 3,000 BTC, totaling 892,000 BTC. According to Chainalysis data, only 0.32% of all bitcoins currently in circulation are contaminated by illegal activities.

The exchange plays a pivotal role

Regardless of the source, the primary destination of illegal Bitcoin is crypto exchanges. This coincides with the recent hacker attacks on Twitter, who will quickly transfer newly acquired assets to the exchange.

Approximately 300,000 bitcoins are held by scammers and hackers. In recent years, crypto exchanges have begun to take their KYC and “anti-money laundering” procedures more seriously. These policies make it more difficult for criminals to launder their ill-gotten gains, which is also a good sign for the market, because large-scale selling by criminals may cause prices to collapse.

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