Featured Posts

The Problem with Fidelity’s Crypto Trading Platform

October 16, 2018

1/3
Please reload

Recent Posts

Distancing Crypto from the Darknet

September 18, 2018

 

According to a recent report by Coindesk, last week the U.S. District Court in Fresno California was finally able to seize the assets of the notorious leader of the Dark Web market, AlphaBay. 

 

While many continue to believe that the Silk Road was the most profitable Dark Web enterprise in history, this was not exactly the case. By 2017, when the Thai home of Alexandre Cazes was raided by agents from the FBI, DEA, and the Royal Thai Police, it was discovered that he had amassed a fortune of more than $23 million cash and assets, including properties due to his status as AlphaBay’s kingpin.

 

Like Ross Ulbricht of Silk Road notoriety, Cazes had also reportedly held the majority on of his assets in Cryptocurrencies that specialized in privacy features, which would also seem to indicate that AlphaBay had been accepting payments in the same way to avoid  creating too much of a paper trail. 

 

In connection with all of this, while you may know what sort of business the Silk Road was in, you may not be familiar with AlphaBay’s specific activities. Judging by the same Coindesk article that was referenced above, the latter was basically an even more serious version of the Silk Road. While Ulbricht allegedly dealt mainly in drug deals, Alphabet dealt in everything from illegal weapons trade to stolen data.

 

Reportedly, AlphaBay was where hacked driver data from Uber and hacked customer data from a British 

telecommunications company called TalkTalk was illegally sold in 2015. It was at this point that AlphaBay apparently became 10 times bigger than the Silk Road ever was. 

 

What you might logically find yourself wondering at this point is: how is any of these

related to the Crypto market today, beyond the currencies that Cazes was holding?

 

The reasonable answer may be said to be that the saga of AlphaBay raises questions 

related to how we, as a Blockchain community, can distance the industry from its connections with such illegal ventures. If we cannot do so soon, then it is logical to assume that many governments will continue to strongly oppose Cryptocurrencies because of this.

 

With that being said, perhaps part of the answer toward widespread adoption by

the masses including Crypto’s critics is to spend more time educating the world about the benevolent use cases of Blockchain technology, above those that are more nefarious.

 

In short, how can we help people better understand how the Blockchain can positively impact our global social welfare?

 

 

By: BGN Editorial Staff

Share on Facebook
Share on Twitter
Please reload

Recent News
Please reload

About Bitcoin Global News

Our platform consist of everything bitcoin. We provide          bitcoin global news, press release distribution, and                bitcoin information.