Nine South Korean Drug Dealers Used DarkCoin to Sell Narcotics On The Dark Web

Dec 25, 2018 at 10:17 Update Date :Dec 25, 2018 at 10:17 UTC

South Korean authorities released information about nine people who were using a cryptocurrency DarkCoin to sell drugs on dark web. The drug dealers were selling Cannabis, Hashish, LSD, and MDMA. The police have arrested all nine drug dealers.

According to the Seoul Central District Prosecutor’s Office, nine drug dealers were selling narcotics online. Though, the police have arrested the accused but not have revealed their identity yet. The officials just have revealed the surname of the person who owned the website. The surname of the website owner is Shin.

The Korea Herald reported that almost 650 drug deals had gone down on the website from March to November this year. This is the first time in Korea that a drug trafficking website on the darknet has been closed down.

“It was the first time in Korea an operator of a drug trafficking site on the darknet has been arrested and the website closed down by the prosecution,” wrote the Korea Herald

The South Korean authorities found drug transactions once they reviewed the phones and computers of the suspect. According to the prosecutors, the dealers were able to traffic between $7,117 – $8,897 (8-10 million Korean won) in drugs.

Crimes in South Korea is among the lowest compared to other developed nations. The use of drugs in the country is a lesser offense. Most of the drug-related offense occur in Gangnam and Yongsan districts. In the South, Korean drugs are usually distributed through club network, foreign students, and club operators. Drug trading is considered an easy way to make money.

In May this year, well-known cybersecurity pioneer John McAfee stated that eventually, Bitcoin Private (BTCP) will replace Monero on the dark web because of its anonymous nature and the drug dealers do not want to disclose their identity. Earlier this year, the authorities analyzed Bitcoin transactions and tracked down the well known dark web market vendor.

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