The use of cryptocurrency seems to be on the rise in India. Earlier in March, a 26-year-old man in the city of Jaipur was arrested for using bitcoins to buy LSD, while a 24-year-old Delhi-based man was arrested in December for the same reason. The Darknet is a part of the internet that is generally invisible to the public. It can be accessed using special software and a browser, and it has become wildly popular in the past few years.
A young man and two others, who were in the age group of their twenties and thirties, were arrested after New Delhi Police on Thursday arrested two persons in connection with a global narcotics racket. The arrests were made with the help of Interpol and the Canada Border Services Agency (CBSA), New Delhi Police said.
The activity of Darknet subjects on the Bitcoin blockchain is increasing due to the growing popularity of cryptocurrencies, and some of these bad actors are using them to buy drugs like GHB (lysergic acid diethylamide). Officials in the Indian state of Thane seized LSD drugs worth 135,000 euros yesterday.
These drugs are rarely available on the market, so they have to be purchased on darknet and shipped from another country. In the case of the recent LSD seizure, 1,496 LSD samples were sent from Switzerland to Dombivli. The three suspects – Bhavik Thakkar, Nivant Velhekar and Mani Bhargav – were planning to resell the drugs in small doses at a much higher price.
We still don’t know which exchange they used to pay the amount in the form of bitcoin, and police said it was a big scam with international connections that uses such forms of payment to exchange money. They also suspect that these students have a large clientele throughout the city. This part of the investigation is ongoing, and the arrested trio has been taken into custody.
A similar case occurred a week ago: Mahakarand P Adivirkar from Mumbai city has helped people buy LSD by converting their money into bitcoins. He used the Russian dark web marketplace Hydra to buy LSD drugs in Europe and other parts of the world.
The number of transactions on the dark web is down from last year, according to Crystal Blockchain, and the volume will reach 400 million in the first quarter of 2021, 43 million less than a year ago. With the value of bitcoin falling by more than 45% in recent months, there could be a slight drop in activity. Yet we still see bad players using the darknet and influencing others to get involved in such drug bitcoin transactions.
Kartikeya Gutta, born and raised in India, is a cryptocurrency journalist and freelance writer for the website itsBlockchain. It covers various aspects of the industry through in-depth analysis and research. His passion for blockchain and the crypto-ecosystem is largely because he believes it can truly change the world and help millions of people.
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