Elliptic Warns on New Bitcoin Cash-out Services on Darknet
Main page News, Bitcoin, Russia, Money Laundering

Elliptic, a blockchain analysis firm, has found a new cash-out services for bitcoins (EXANTE: Bitcoin) on a darknet market called Hydra. According to Tom Robinson, Elliptic's Co-Founder and Chief Scientist, new services offer large volumes of physical cash at a specified location, where it can be retrieved by the customer.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Robinson claims the technique "has long been used for the delivery of drugs," and now is being used to hide traces for the exchange of cryptocurrency for fiat currency.

Elliptic Warns on New Bitcoin Cash-out Services on Darknet

One of the services in return for a cryptocurrency payment promises to bury bales of vacuum-packed physical cash "5-20 cm under the ground" on the exact spot given by the buyer though the GPS coordinates. The service takes a high fee, which varies between 4.5-10%.

Darknet Marketplace White House Market Abandons Bitcoin to Only Accept XMR

As iHodl earlier reported, the German police arrested an operator of an allegedly the world's largest illegal online marketplace called DarkMarket. A 34-year-old Australian citizen, the alleged operator of the platform, was arrested near the German-Danish border. German police say it succeeded to detain the operator in a cooperation with the American authorities FBI, DEA and IRS and the Australian, British, Danish, Swiss, Ukrainian and Moldovan police.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

Read also:
Please describe the error