In the results of an investigation, the head of Elliptic pointed out that “a downward trend” in the use of Bitcoin in the illegal market has emerged after the value of transactions involving the illegal activity-related cryptocurrency was calculated in US dollars.
The blockchain analytics company Elliptical, found that The percentage of bitcoin transactions in dark markets, ransomware purses, or scammers has dropped from around 35% in 2012 to less than 1% for the date in 2020.
According to statement to The Block, Elliptic co-founder and chief scientist Tom Robinson, referred to the introduction of regulations against money laundering (AML) and the efforts of AML of encryption exchanges as one of the causes of this decline.
Elliptical, explained that since 2012 he has been calculating the monthly value in Dollar (usd) of transactions Bitcoin (BTC), linked directly to all illegal entities in its database. Apply exchange rate BTC / USDat the time of each transaction for dollar conversions.
To calculate this as a percentage of all BTC sent, we need to get accurate numbers for the dollar value of the BTC sent over time
Although the dollar value of illegal transactions by Bitcoin was not shared and the Percentage of fiat currency transactionsassociated with illegal activities. About that, Robinson said:
We believe that too much attention is paid to absolute numbers if people should look more into the larger context
Robison, related to the blockchain from Bitcoin How “very difficult” to pursue in Fiat, although it is transparent, and he assured not to know “No comparable number for a fair comparison”.
“All of our data are supported by documentary evidence,” said the leader of EllipticalThis further clarifies that the company has since been collecting data on cryptographic addresses that are used by various companies “This includes legitimate services such as exchanges, wallets or payment processors, as well as illegal companies.”he added.
Recently, we inform as Bitcoin is still positioning itself as the most widely used cryptocurrency in the illegal dark internet marketwhile Zcash According to a study, it is used the least.
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