Authorities Seized Thousands of Crypto In Dark Web Raid

Authorities Seized Thousands of Crypto In Dark Web Raid

One of the largest Dark Web Marketplaces has been closed down via a joint effort from various different police services.

The website known as The Wall Street Market was considered the second largest illicit marketplace available on the dark web and had been operating for two years.

That was until yesterday when it had its door forcibly closed yesterday by the German police, who had been working alongside the American authorities to bring the operators of the site to justice.

Three suspects are said to have been arrested for the setting up of the site that, and accused of facilitating the spread of illegal drugs. The site had 1.5 million registered users, with around 5,400 of those believed to be dealers of drugs, including cocaine and heroin. The site also offered a means by which users could purchased forged documents, such as driver’s licenses and identity papers, and hacking tools.

Seized Bitcoin

The transactions made to purchase these illicit materials were cryptocurrencies, such as bitcoin (BTC) and monero (XMR). These were also seized by police during the raid and according to early reports, are said to be in the value 6 figures, as well as over €550,000 in cash. It is believed that for each transaction made on the site, those behind the site could make a profit in the range 2%-6% for every finalized sale.

Speaking about the raid, Ryan White, a prosecutor with the U.S. Attorney’s Office LA, explained, “The charges filed in Germany and the United States will significantly disrupt the illegal sale of drugs on the darknet. We believe that the Wall Street Market recently became the world’s largest darknet marketplace for contraband including narcotics, hacking tools, illegal services and stolen financial data.”

The operation to shut down the website was two years in the making, with the length in time to bring those to justice being cited as the difficult to track nature of cryptocurrencies transactions which all the purchases on the site were made in.

On the same day, authorities elsewhere in Europe succeeded in shutting down a similar such site. In Finland, they managed to take down another dark web marketplace known as Valhalla, also known as Silkkitie, which had been operating since 2013. According to local press in Helsinki, a “significant bitcoin seizure,” which made as a result of this raid too.

A History With Criminality

Since it’s conception cryptocurrencies, particular bitcoin, have been linked to illegal activities, which was part of the reason they were originally made illegal. One of the most high-profile cases of this was the jailing of Silk Road founder, Ross Ulbricht back in 2013.

While it is now being entered more and more int the mainstream, clearly, its.  presence is still felt in the criminal online underworld too. This is despite the fact that bitcoin is not as anonymous although many criminals seem to think it is, and blockchain will record you if you are buying drugs. This said, there still seems to be some holes that can be slipped through.

Register for Latest Updates & News

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

Recently Similar News

Latest Guides

Latest News

1xBit Guide: Crypto Sportsbook & Casino

The casino and sportsbook industry continues to witness an increase in the number of platforms within the space. This creates a challenge of identifying the best and most reliable sportsbooks that will offer you the most impressive services. In this guide, 1xBit shall be reviewed in terms of its service offerings and unique features that […]

11 January, 2022

XBE Community Launches a $500k Bug Bounty

Decentralized technology is built to attract the smartest and brightest brains from all over the world to work towards a common goal: free and fair financial systems. Despite the uncertainties surrounding future laws, DeFi protocols are rapidly adapting and growing to provide new ways for individuals to obtain more value from their money. And this […]

28 December, 2021

11 Biggest Sponsorships Deals for the Crypto Market in 2022

The global sports industry is looking to revamp its activities and recover from the after-shocks of the COVID-19 pandemic. Cryptocurrency platforms on the other hand have enjoyed immense growth and are searching for big platforms that can provide better brand visibility. That’s where sports and crypto make a perfect match with many global sports organizations […]

1 December, 2021

ChangeNOW Unveils a New Cashback Feature

ChangeNow offers crypto users smooth exchanges and doesn’t stop there. The exchange platform provides registered users a chance to profit from crypto swaps with cashback in NOW tokens through the ChangeNOW website. The cryptocurrency exchange and processing platform offer you an effortless way to turn your traffic into profit and boost your crypto journey. The […]

15 November, 2021

Celsius Casino is Raising the Temperatures with a Voluminous Game Lobby

Celsius Casino has become a go-to gaming destination for casino fans looking for an action-packed online gaming platform. The online casino boasts a robust game catalogue with over 4,000 games. The extensive game portfolio caters to Slots, Table Games, and Live Casino fanatics and is powered by well-known providers such as Evolution Gaming, NetEnt, and […]

9 November, 2021

ChangeNOW Has Announced the Release of its Own Digital Wallet

Limitless and swift crypto exchange platform ChangeNOW has released its own non-custodial NOW Wallet, facilitating fiat to crypto purchases and reliable crypto transactions from the comfort of a mobile phone. NOW Wallet is available in beta version for both iOS and Android devices and allows users to transact with over 20,000 currency pairs, regardless of […]

29 October, 2021

BitPanda Enhances Its BEST Rewards Programme

The EU-based cryptocurrency exchange, BitPanda, has improved its loyalty programme, BEST Rewards. It is now providing owners of its BitPanda EcoSystem Token (BEST) an additional 12% in potential revenue each year. Every registered BitPanda user who has BEST in his or her wallet and carries out at least one monthly trade will be eligible for […]

25 October, 2021

ChangeNOW’s AML Action Lead To The Return Of $15M COMP

Earlier this week, ChangeNOW announced that it was able to identify and return 45,505 COMP back to Compound. The estimated value of this recovery is around the $15m mark. This remarkable achievement is further proof of the effectiveness of the exchange’s Anti-Money Laundering (AML) procedures. In an announcement made on ChangeNOW’s website, the company provided […]

6 October, 2021