The US Plan To Monitor Illegal Crypto Activities
Pretty interesting read on the US govt’s never ending “war” on illegal drugs and crypto:
The US Plan to Monitor Illegal Crypto Activities More Sufficiently
The COVID-19 pandemic has crushed businesses, crippling life all across the world. It is costing darknet drug traffickers millions as well because their methods of moving drugs and funds have been compromised during the lockdown, according to a blog post by Chainalysis.
“Darknet market revenue has fallen much more than we’d expect following Bitcoin’s recent major price drop,” Chainalysis reported, noting that supply problems for Mexican drug cartels and dealers in China’s Hubei province could be “hampering darknet market vendors’ ability to do business.” “Perhaps darknet market customers aren’t buying as many drugs given the public health crisis,” Chainalysis wrote, adding:
“It’s also possible that vendors slowed down sales during the price drop, out of fear that the bitcoin they accept one day could be worthless the next. But it’s also likely that Covid-19 itself is making it harder to sell drugs at the moment.”
Nevertheless, this could all be a short-lived business trend owing to the lockdown, as the opioid epidemic in the United States is predicted to get worse due to the stress, isolation and financial devastation caused by the COVID-19 pandemic, which is spreading to every corner of society, with millions of people losing their jobs during this global recession.