Bitcoin has always been an important cog in the workings of the deep web.
Although it has also proved beneficial in legitimate transactions both on the clear web and on the deep web, few dispute the fact that Bitcoin transactions have provided a safe haven for criminals on various darknet marketplaces.
Thanks to the Danish, however, this just might be the end of the fairytale for cyber criminals who previously thought Bitcoin to be untraceable.
After successfully apprehending drug traffickers on two separate occasions while solely relying on Bitcoin tracing software, Danish police are currently sitting at the helm in the fight against the online drug trade.
Danish media outlet Berlingske divulged details about the two separate incidents in which the Danish police brought down cyber criminals after successfully tracing their Bitcoin transactions back to them.
This is the second time this year, following a drug trafficker being put behind bars in January after a Bitcoin transaction was traced back to him.
The defendant was slapped with a hefty 8-year sentence after he pleaded guilty to charges of online drug trafficking.
Pioneers in the Field of Bitcoin Tracing
Kim Aarenstrup, the head of Denmark’s National Cybercrime Center, confirmed in an interview with Berlingske that the apprehended criminals were caught thanks to the Danish police’s Bitcoin tracing techniques.
He also revealed that following the successful use of Bitcoin tracing techniques to nab cyber criminals, the NC3 was in deep talks with some of the world’s most reputable security agencies, including the US FBI.
The Bitcoin tracing software was developed in-house by Danish law enforcement agencies.
It was designed to trace Bitcoin transactions by cross-referencing Bitcoin transactions that have already taken place in various locations on the dark web with listings that contain information about Bitcoin buyers and sellers.
This new software has made it possible for law enforcement agencies to track down illegal transactions on the dark web and track down the perpetrators of the crime.
The implications of this new and highly effective dark web policing software are tremendous and could greatly impact on the value of Bitcoin and its usage across the board.
New Technology Could Make Bitcoin Integration Smoother
In as much as the reputation of the digital currency has been tainted by its largely criminal user base, Jesper Klyve, a prosecutor in both Bitcoin tracing cases, agrees that there is nothing particularly wrong with using Bitcoin for legitimate reasons.
However, he explains that it has served as a crucial part of criminals’ transactions, and they would soon have to stop relying on Bitcoin to carry out their illicit transactions online.
The prosecutor notes that it has become a lot easier to purchase drugs and other illegal goods online thanks to Bitcoin.
With this revolutionary technology, however, it is easier for law enforcement to trace an illegal transaction back to both the buyer and the seller.
Klyve is positive that this new policing technique will be largely beneficial for the general public.
On a different note, the adoption of this new dark web policing technique translates to a much more open stance towards the usage of Bitcoin by governments and law enforcement agencies.
Danish police will have given them the ability to regulate the criminal usage of Bitcoin without necessarily impacting its value or affecting its decentralized status.
And while other types of digital currency such as Monero will be rushing in to fill the definite void that might be left behind if Bitcoin becomes ditched by cyber criminals, this new Bitcoin tracing technology will still be able to curb criminal activities since its tracing capabilities are based on the blockchain technology – the cornerstone for cryptocurrencies.
Cybercriminals’ Days are numbered
Following the recent developments, it is only a matter of time before law enforcement agencies from around the world begin to use the new Bitcoin tracing technology to go on the offensive against cyber criminals that have evaded the long arm of the law for years.
As simple as the software might appear, there are still several nuances that may affect its efficiency in the capturing of online criminals.
Nevertheless, the Danish police have taken a step in the right direction in the war against the prevalent online drug trade.
Latest posts by Richard (see all)
- Marijuana Legalization Reduces Alcohol Use, According to Study - December 10, 2017
- Europol Shuts Down Over 20,000 Websites Selling Counterfeits - December 7, 2017
- More than $100,000 Worth of Bitcoin Stolen Over Public WiFi - December 5, 2017