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About This Session

Using novel approaches that exploit the blockchain to identifying illegal activity, we estimate that around $76 billion of illegal activity per year is financed through payments in bitcoin, representing around 46% of bitcoin transactions. Approximately one quarter of all bitcoin users are involved in illegal activity. These staggering numbers are close to the scale of the US and European markets for illegal drugs and suggest that cryptocurrencies are transforming the black markets by enabling “black e-commerce”. Our analysis makes use of FBI seizures of illicitly used bitcoin, scraped darknet forums, and the wallets of darknet marketplaces that facilitate trade in illegal goods.

July 9, 2019
9:40 am
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