Cryptocurrency is a digital currency that uses encryption and cryptography to create, send and verify transactions. The most popular cryptocurrency is blockchain technology, but other cryptocurrencies such as Ethereum and Litecoin have also gained popularity in recent years.
You can use them for online purchases, such as shopping or buying other cryptocurrencies through online exchanges. But you can also use them in illegal activities like drug trafficking or selling stolen data on dark web marketplaces, also called crypto markets. And while some people may question whether these illegal activities could be associated with bitcoin crashes, blockchain technology experts know better.
Cryptocurrency Crash Triggers Crisis For Dark Web Exchanges
The recent cryptocurrency crash has claimed two more victims as two dark web marketplaces succumbed to the crash or internal conflict. Since January and February, the cryptocurrency crash affecting the markets has claimed two more victims. Two dark web marketplaces have succumbed to the crash or internal conflict.
According to a report, two dark web marketplaces, Crypto Market and Wall Street Market, have been affected by the recent cryptocurrency crash. Crypto Market was said to have gone offline earlier this year after its staff “abandoned” it due to a security breach that exposed users’ credentials and caused losses totaling $12 million in Bitcoin (BTC). In addition, Wall Street Market suffered internal conflicts between its moderators, who reportedly refused payments for their services and then closed operations until further notice.
Dream Market
Dream Market, another dark web marketplace, is being forced to shut down after several weeks of outages. The site administrators said they are being forced off the market because of an extortion plot against them. They are not willing to be extorted, and it was better to shut down than to cave into the threats.
The site has been offline since June 22, and while there have been unconfirmed reports that it may simply be due to technical problems or a security update, we have no official word on what caused this outage or when they might resolve it.
The site administrators said they are being forced off the market because of an extortion plot against them. They said a group of hackers had stolen about 100,000 bitcoins from the exchange’s users and demanded that administrators pay them one bitcoin, about $7,500 for every stolen coin. The hackers threatened to release the private keys of all customers’ wallets if they did not pay up.
The threat was not credible, however, the site administrators were unwilling to pay the extortionists and did not believe their threats were credible.
They believed the hacker’s demands to be empty. Moreover, even if someone had stolen millions of dollars worth of bitcoins from darknet markets like these before today’s crash in value. It would still be impossible for them to cash out without getting caught by authorities or setting off alarm bells among banks and financial institutions that would likely freeze their accounts until they could prove where they got those funds from originally.
As you can see, the site administrators said they were not willing to be extorted, and it was better to shut down than to cave in to the threats. This isn’t a new phenomenon. It’s happened before, but this time, it feels different because of how far-reaching these sites are.
They have hundreds of thousands or even millions of users worldwide. Also, some people choose cryptocurrency over traditional currency because it offers them anonymity when buying drugs online or engaging in illicit activities like pedophilia or terrorism. So taking away their ability to do those things would seriously harm society.
The recent cryptocurrency crash has affected two dark web marketplaces that apparently dealt with cryptocurrencies. The other is Dream Market, which announced its closure after law enforcement seized some servers used by this site and arrested an operator known as “Morpheus” in France.
Final Words
The cryptocurrency crash triggered a crisis for dark web exchanges. As a result, users will likely lose their money as these platforms struggle to stay afloat. To prevent yourself from crisis trade in cryptocurrency via bitcoin trading software. It’s important that people understand the risks involved when trading in digital currency and be sure to only do so with reputable exchange.
