CoinCorner CEO says: Bitcoin No Longer Desirable Option for Criminals

Home » CoinCorner CEO says: Bitcoin No Longer Desirable Option for Criminals

For his contribution towards aiding in the management of Silk Road (the now-defunct darknet marketplace) — Gary Davis has now been sentenced to 6.5 years in prison.

According to Newstalk — Irish independent radio station — July 26’s report, the extradited 31-year-old Irish man became a site administrator from June 2013 to Oct. 2, 2013, after serving as Silk Road forum moderator between May and June 2013.

Between January 2011 and October 2013, Silk Road was able to operate more than 1.5 million transactions valued over $213 million.

Recently, a Silk Road dealer was arrested for allegedly using cryptocurrency to sell illegal drugs on Silk Road and launder over $19 million of profits.

Bitcoin is now undesirable to criminals

After Davis’s sentencing, Danny Scott, CoinCorner CEO — an Isle of Man-based Bitcoin (BTC) exchange — is of the view that criminals using bitcoin for their activities will become a thing of the past.

Citing CoinCorner’s previous Bitcoin-related investigations together with British crime units about criminal activities, Scott affirmed that Bitcoin is “no longer desirable option for criminals.”

Besides that, he also cited this year’s Chainalysis — blockchain intelligence firm based in the US — findings that suggested illicit transactions reduced from 7% in 2012 to less than 1% of the Bitcoin activity in 2018.

Confidently, the CoinCorner CEO argued that Bitcoin cannot be a common myth as it is pseudonymous — implying that transactions can be recorded on blockchain infinitely. In that regard, Scott concluded that Bitcoin is a “poor choice of currency for criminals.”

Despite the dwindling criminal activity share, another Chain Analysis research— as reported on Bloomberg on July 1— seem to suggest that Bitcoin could spend up to $1 billion on illegal transactions this year.

As of July, Bitcoin valued nearly $515 million was estimated to have been spent on illicit activities.


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