Due to the misconception that cryptocurrencies are untraceable, people often think you can do anything with them. Therefore, people and even the feds think that all negative things in society happen due to Bitcoin. Crypto enthusiasts and analysts are trying their best to prove this theory wrong. But an incident like this pushes everything back to the same narrative again. Recently, NCB has arrested a Mumbai resident as he used Bitcoin to purchase drugs on the dark web. The name of the suspect is Makarand P Adivirkar, and he is also known as the “crypto king.”
The crypto king and his Bitcoin deal
NCB seized over 20 LSD shots from Kharodi village in Malad back in November 2020. The purchase was made from Europe using Bitcoins and was not for personal use. The Crypto king who made the purchase is a drug peddler, and these LSD shots would have been sold again. He received cash and provided Bitcoins using his wallet to purchase the drugs from the market. The NCB has not specified how they caught hold of the Adivirkar.
Bitcoin is still more transparent than cash.
People might hear Bitcoin and blockchain and go whao that sounds so sophisticated it must be untrackable. But that’s not the case; in fact, all the transactions made using Bitcoin are stored on Blockchain with the wallet address. And now, if the same address is used to make purchases somewhere else where his identity gets revealed, he will be easily tracked.
Other than that, using centralized exchanges to make such transactions could also make them easily traceable. I am sharing this information to make you guys aware that Bitcoin is not intended for this. Its superior nature to cash doesn’t make it a medium to do illegal stuff. It is weird that people talk about Bitcoin being untracable when cash is much better in such regard. No trail is left behind, and if not caught while making that transaction hand to hand, there is no chance of doing so.
I am pretty sure this news is yet another chance for banks and the authorities to create negativity around Bitcoin, but you should not budge to these.
What are your thoughts on Bitcoin being used to purchase drugs? And do you think that this news will create bad publicity again? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.