Darknet's Incognito Market Traded up to $80 Million in Cryptocurrency, Say US Prosecutors
CryptoNewsTerminal Staff21 May, 2024
Darknet's Incognito Market Traded up to $80 Million in Cryptocurrency, Say US Prosecutors
US prosecutors have arrested and charged the operator of darknet drug marketplace Incognito Market, which allegedly traded up to $80 million in cryptocurrency, The Block reports. Incognito Market allowed illicit drug sales to be made using either Bitcoin or the privacy coin Monero (XMR), charging a 5% fee, according to court documents. Over three years of operation, the platform allegedly facilitated $100 million worth of transactions, with about $80 million of that total being cryptocurrency-based. The arrest is part of a broader crackdown on darknet marketplaces by law enforcement agencies around the world. In recent months, several other major darknet markets, including AlphaBay and Hansa, have been shut down. The takedown of Incognito Market is a significant blow to the darknet drug trade. However, it is unlikely to completely eliminate the sale of drugs on the darknet. As long as there is demand for illegal drugs, there will be criminals willing to find ways to meet that demand.
