The use of Bitcoin (BTC) and cryptocurrency for criminal activity pop up every now and then, and British authorities now claim the use of Bitcoin for drugs in the United Kingdom (UK).
The UK authorities revealed that Albanian gangs are actively using Bitcoin for drugs and selling illegal products.
The chief constable of Derbyshire County in England, Peter Goodman claimed that gangs have recently been making use of technological ways to perform unlawful activities.
Goodman added that the gangs are rather experienced, while they possess the necessary technological savvy to cash out their drug-deals.
With the ongoing drug trade performed by Albanian gangs, the United Kingdom’s cocaine market is reported to be at five billion pounds (£5bil) in terms of its worth.
The Hellbanianz, who term themselves as “God of The Streets,” are Albanian drug dealers who have been involved in using Bitcoin for drugs and they also use other cryptocurrencies to perform illicit transactions related to drug dealing.
It has been reported that the gang has been deriving false benefits from the loopholes in dealing with cryptocurrencies, which accounts for the absence of rules and regulations on cryptocurrencies.
Bitcoin for drugs and exploiting crypto privacy
Michal J. Oghia, an internet governance consultant, stated that the use of cryptocurrency is an added problem relating to cybersecurity that authorities have to face online. Such problems differ from those relating to encryption and malware.
Oghia further explained that organized criminal groups are able to perform illicit transactions, by operating a decentralized, private, secure and anonymous technology, based on the use of cryptocurrencies.
Oghia thinks that with the increasing use of cryptocurrencies, authorities will have to face more complex problems to track illicit payments.
