German Authorities seize the largest illegal dark web market DarkMarket

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German Authorities seize the largest illegal dark web market DarkMarket
Neha Kumar | Bitcoin World

According to reports, German authorities have seized DarkMarket. It was the most significant dark web market in the world. In Koblenz and Oldenburg’s cities, German prosecutors stated they arrested the man accountable for operating DarkMarket, a 34-year old Australian national. Nearly half a million people employed the marketplace to purchase drugs, hijacked personal data, malware, and other illegal products—the illegal platform utilized cryptocurrencies for its operations. Two leading cryptocurrencies, particularly Bitcoin and privacy coin Monero, were utilized. Throughout its existence, the platform saw trading value in fiat surpassing $170 million. 

According to Dark.Fail, DarkMarket utilized a readily attainable cryptomarket PHP script named Eckmar marketplace. It had been the most prominent dark web marketplace for three months before authorities closed it. The examination included cooperation amongst law enforcement authorities from various countries. Moreover, it involves Germany, Denmark, the U.K., the U.S., Australia, Ukraine, Switzerland, and Moldova, all of whom served beside Europol.

Illegal Businesses use crypto to facilitate their crimes through DarkMarket

The American authorities, comprising the FBI (Federal Bureau of Investigation), DEA (Drug Enforcement Administration), and Internal Revenue Service (IRS), performed an essential part in the investigation. Deputies from the department also found, switched off, and seized the site’s servers, which totaled above 20 in Moldova and Ukraine. The goal is that forensic analysis of the data collected on these servers will reveal and strike a more extensive criminal network. Moreover, Europol declared the operation as a success to regulate cross-border inquiries in ceasing this new dimension of cybercrime. Also, it’s focus has been on learning how unlicensed vendors use new technologies like cryptocurrency to promote their crimes.

 Bitcoin has had a diversified history when it comes to the darknet. Congenitally pseudonymous, illegal vendors on the infamous Silk Road marketplace supported the top cryptocurrency. The now-defunct darknet site was the most comprehensive unlawful marketplace in the world for numerous years. The U.S. Federal Bureau of Investigations (FBI) ultimately closed in 2013. FBI agents initially seized 144,000 bitcoins held in wallets connected with the marketplace, worth over $3.6 million at the time. Various wallets associated with the site have been found and seized since. 

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