$515 Million in Bitcoin Spent on Illicit Activity This Year

Recent research by Chainanalysis suggests that the amount of bitcoin (BTC) spent on illegal transactions this year could hit a record high of $1 billion, even as the ratio of illegal to legal transactions is shrinking, according to a report by Bloomberg on July 1.

As per the report, the total flat value of BTC spent on illegal activity so far this year is thought to be $515 million. The research suggests that by the end of the year, this figure will double to reach $1 billion.

However, the amount of BTC spent on illegal services as opposed to legal ones is on the decline. Chananalysis executive Hannah Curtis says that just 1% of BTC activity this year is illegal activity, which is down from 7% in 2012.

As per the report, the $515 million spent on illegal activities was used in transactions on the dark web: a small subsection of the deep web, which is in turn subsection of the internet that doesn’t appear in search engines (e.g. Google).

The largest illegal dark web marketplace for spending BTC is reportedly “Hydra.” BTC is apparently the cryptocurrency of choice on such marketplaces, and Monero (XRM) comes in second, according to the report. Oftentimes, these marketplaces are involved in the distribution of drugs and/or illegal pornography. 

As previously reported by Cointelegraph in April, for instance, two men behind the dark web marketplace NextDayGear pled guilty to selling steroids and controlled substances and to money laundering. The website apparently offered injectable and oral steroids, as well as Xanax, Valium and Viagra as a means to stymie unwanted side effects.

6  Comments Add a comment…

  • Spy Gadget Rentals  

    Sounds like Chainanalysis is just promoting the use of it’s own services. A barber recommends haircuts? No way!!!


  • $515 Million in Bitcoin Spent on Illicit Activity This Year Adrian Sonza  

    so cause these people are savvy enough to not use google they are considered illegal? what we all MUST use google, morons.


  • $515 Million in Bitcoin Spent on Illicit Activity This Year Erick James  

    Chainanalysis is a joke. Why don’t you state how much illegal activity is used where FIAT is the currency? Oh wait that would really show the truth. GO BITCOIN


  • $515 Million in Bitcoin Spent on Illicit Activity This Year Steve Aoki  

    And how much in US or other “norma;” currency has been spent on “illicit activity this year?


  • Anonymous  



    Literally dozens of trillions of US dollars have been spent on illegal activities in 2019.


    Prostitution, drugs, weapons, bribes, wars, etc. etc. etc.


    You know, fiat money is quite easier to use for that.


  • $515 Million in Bitcoin Spent on Illicit Activity This Year Lomsang Rampa  

    The usurpers of power in Venezuela, Maduro, Castro’s Cubans steal the entire Venezuelan public budget, in the last few months estimated the Deputy Paparoni head of the finance committee of the Venezuelan Legislative Assembly that Maduro his regime stole almost the entire public budget Venezuelan, almost US $ 16,000 million !!! they have stolen since Chavismo assumed power in Venezuela in 1999, all that looting has been placed in the traditional world bank, in Fia currency !!!(supposedly, it has not been confirmed ) The mother of Jorge Rodriguez, senior personero Madurista was trapped in the Dominican supposedly, it has not been confirmed with the brother of the Venezuelan current Minister of electricity, Minister of Maduro, 2 weeks ago with 1 Million of us $ that I try to wash !!! Probably coming from the corruption in Venezuela of the drug trafficking, how can plunder a country in this level and the international bank open accounts for similar amounts of us $, obviously stolen Euros? all this plundering of Venezuela has been done through coins Fia, us $, Euros, Rubles, Yuan, it is not the Bitcoin cryptomeonedas system that has led this looting to Venezuela, it is through the International Bank where USA, President Trumph That supports the return to Venezuela to democracy has blocked huge capital Chavistas Maduristas stolen from Venezuela and are in deposits in Monera Fia in many banks in the world.


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