There are many individuals who still view cryptocurrency as “criminal”, in the sense that it can be used for criminal purposes. One of the common misconceptions about cryptocurrency is that the majority of investors and traders are still using it as a means to purchase drugs. This misconception largely stems from the fact that cryptocurrency was first associated with the Silk Road, a darkweb drug marketplace that was shut down in 2013.
Of course, this doesn’t mean that there still aren’t drug dealers that are active on the darkweb, who choose to use cryptocurrency as a means to further their enterprise. Specifically, Korean authorities arrested nine drug dealers in their 20s and 30s, including the owner of the website, who has been identified through his surname, “Shin”.
This actually marks the first time that the operator of a drug trafficking website has been apprehended in the country, so this is historic for South Korea. The country is notoriously hard on drugs, recently announcing that it would even arrest citizens of the country who choose to smoke marijuana in Canada, where the drug is legal.
The website reportedly had over 600 members, and 50 drug sales took place, according to authorities. The drugs involved included cannabis, hashish, LSD, and MDMA. The authorities even made a point that the owner/programmer of the website smoked marijuana, as well.
The organization utilized a cryptocurrency that isn’t that well-known at all, by the name of “Dark Coin”, that isn’t even ranked on Coinmarketcap. Encoded messages were utilized in an attempt to throw off authorities, as well.
Authorities examined information on mobile phones and computers, and also seized and “seeked to preserve” 100 million won (around $88,000) associated with the crimes.