Europol and nine countries join forces in a coordinated bust called “Operation SpecTor” to shut down Monopoly Market, a dark web marketplace, and arrest 288 suspects involved in the illegal trade of drugs, firearms, and cryptocurrencies.
Europol and Nine Countries Collaborate to Shut Down Monopoly Market
A coordinated raid by Europol and nine countries led to the shutdown of the illegal dark web marketplace, Monopoly Market. The operation, called SpecTor, saw the arrest of 288 suspects involved in buying or selling drugs, firearms, and cryptocurrencies on the darknet. The arresting authorities even tagged some of these individuals as high-value targets.
The move consisted of a series of well-synchronized law enforcement activities spanning in Austria, France, Germany, the Netherlands, Poland, Brazil, the UK, the US, and Switzerland.
Seizure of Millions in Cash and Cryptocurrencies, Drugs, and Firearms
According to the official press release of Europol published on May 2, the concerted efforts of the people involved in the SpecTor operation resulted in the confiscation of a significant amount of cash and cryptocurrencies amounting to EUR 50.8 million (USD $55.69 million), as well as 850 kg of drugs and 117 firearms. The EU law enforcement agency collated intelligence packages using a huge chunk of evidence given by German authorities, which then formed the very foundation of numerous national investigations.
Ongoing Investigations
The arrests in relation to the operation took place in the nine countries that served as hosts for the illicit affairs of Monopoly Market. Follow-up investigations to identify more individuals behind the dark web accounts are now taking place.
As a result of the law enforcement operation, authorities have obtained extensive lists of vendors and buyers. With that, thousands of customers worldwide are now in danger of getting prosecuted for their links with the darknet marketplace.
Selling of Hacked Cryptocurrency Accounts on the Dark Web
Selling hacked cryptocurrency accounts on the dark web has become a profitable business due to the increasing number of people investing in digital assets according to Finbold. Citing a recent report by PrivacyAffairs.com, it stated that exchanges like Coinbase and Kraken have been popular targets for hackers. The report highlighted that verified Coinbase accounts are being sold for $610 while Kraken users’ accounts are offered online for as low as $810.
Cryptocurrencies Prime Targets for Cybercriminals
Due to the absence of a regulatory body and decentralization, cryptocurrencies have become a popular choice for cybercriminals who are after easy money. As the value of cryptos continues to rise, it serves as an added incentive for hackers to carry out these attacks.
One of the challenges in addressing these crimes is the anonymity of cryptocurrencies, which makes it difficult to trace and retrieve stolen assets. In this regard, victims often have limited options for recourse.
Final Thoughts
Preventing criminal activities on the dark web is a complex task that involves cooperation between governments, law enforcement agencies, and private companies. However, there are several steps that can be taken to reduce activities associated with the darknet.
One of the most effective ways to curb down criminal activities on the dark web is to raise awareness about the risks associated with using it. This can be done through education and outreach programs that inform people about the dangers of engaging in illegal activities online and the potential consequences of doing so.
Another important step is to strengthen the regulation of cryptocurrencies, which are often used to facilitate criminal activities on the dark web. This could involve greater oversight of cryptocurrency exchanges and transactions, as well as the development of new technologies that make it easier to track and recover stolen funds.
Law enforcement agencies can also work to identify and disrupt criminal networks on the dark web by using advanced technologies like artificial intelligence and machine learning. These tools can help to analyze vast amounts of data and identify patterns of criminal activity, allowing law enforcement agencies to target their investigations more effectively.
Finally, private companies can play an important role in preventing criminal activities on the dark web by developing new technologies and services that make it more difficult for criminals to operate. For example, cybersecurity firms can develop new tools and techniques for identifying and blocking malicious traffic on the dark web, while companies that specialize in digital forensics can help law enforcement agencies investigate and prosecute cybercriminals.
Giancarlo is an economist and researcher by profession. Prior to his addition to Blockzeit’s dynamic team, he was handling several crypto projects for both the government and private sectors as a Project Manager of a consultancy firm.
