German Authorities Takes Down Dark Web Marketplace Powered by Bitcoin – Finance and Funding

This was made possible in a police raid that resulted in 11 arrests. Chemical Revolution made it possible to buy illicit drugs using bitcoin.

According to reports by The Next Web, Germany’s Federal Criminal Police in a press release stated that Chemical Revolution servers were confiscated by the German police officials and the French criminal police. The investigation was made possible by the arrest of a 26-year-old in Berlin last year. During the raid, police authorities seized several kilograms of different drugs before making the arrests. Among those arrested was a Dutch citizen with more than 14 kilograms of different drugs. A 24 year old German allegedly in charge of shipping the drugs was also arrested.

Founder of OkCoin personal data found on Dark web

According to a tweet, the personal data of Star Xu, founder of top crypto exchange platform OkCoin, was found on Chemical Revolution. The information was allegedly sold on the Dark web for 0.00029 bitcoin, which is valued at approximately $1.

The press release also stated that this major feat couldn’t have been made possible without the help of a joint force. The joint force was made up of several European law enforcement agencies. Agencies from Germany, the Netherlands, Poland, and France. This isn’t the first dark web that has been brought down in recent years. Several other dark web marketplaces like the online gambling site for world cup bets in China have been delivered the same fate.

Talking about dark web marketplaces, two top and influential Dark web marketplaces, AlphaBay and Hansa, were brought down in 2017. They were so influential that they were major contributors to the popularity enjoyed by privacy coins like Monero (XMR). Last month, Wall Street Market was also shut down in what people are calling an exit scam.

Research by blockchain analysis firm, Chainalysis, showed that in 2018, the bitcoin dark web transactions doubled when compared to the number in 2017. This is irrespective of AlphaBay and Hansa being taken down.

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