Darknet markets are increasingly using bitcoin again as their primary cryptocurrency. This shift comes after privacy-focused coins like monero faced delisting from major exchanges. According to Eric Jardine from Chainalysis, bitcoin inflows significantly increased following the delisting of monero. OKX removed monero and other privacy tokens at the end of 2023, and Binance announced plans to delist monero in February 2024. Daily monero transactions have halved from last year. Jardine noted that for a cryptocurrency to be effective, it needs sufficient liquidity and accessibility. Illicit transactions make up only about 0.14% of total crypto activities, equating to roughly $50 billion. The rise in stablecoins for illicit payments has led to actions by stablecoin issuers, with the T3 Financial Crime Unit freezing over $100 million in illicit funds. Law enforcement prioritizes darknet markets based on their size and involvement in the fentanyl trade, with recent actions against the Nemesis market resulting in sanctions on 44 BTC addresses and 5 XMR wallets linked to its operator.
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![Chainalysis’ Gurvais Grigg on Illicit Crypto Activity [e-session]](https://i.ytimg.com/vi/p7rtG8b4o80/mqdefault.jpg)
