Conspiracy of Silk Road: Dread Pirate Roberts to Cybercrime and Money Laundering
Azlin Alisa Ahmad, Amir Fazlim Jusoh Yusoff, Mat Noor Mat Zain, Shofian Ahmad · Malaysian Journal of Social Sciences and Humanities (MJSSH) · 2023
The Silk Road, as the pioneering online marketplace utilizing cryptocurrencies as a payment system, revolutionized illicit activities in the digital realm. This research delves into the implications of implementing cryptocurrencies within the Silk Road, focusing on the surge of cybercrime and money laundering. Through qualitative research methodologies, including case studies such as United States of America v. Ross Ulbricht, along with films, movies, and documentaries, the study sheds light on the nefarious consequences of cryptocurrency adoption in this dark web marketplace. Cryptocurrency was applied on Silk Road to provide an anonymous payment system without the influence of legal authorities. The findings underscore the primary motivation behind incorporating cryptocurrencies into the Silk Road - the provision of an anonymous payment system shielded from the reach of law enforcement. By leveraging cryptocurrencies, the Silk Road facilitated illegal transactions, including the sale of illicit drugs, counterfeit identification documents, and various other illegal goods and services. Additionally, the platform acted as a hub for money laundering activities, enabling the conversion of cash into anonymous virtual assets, thereby obfuscating the authorities' ability to trace the illicit funds. This research contributes to a comprehensive understanding of the intricate interplay between cryptocurrencies, cybercrime, and money laundering on the Silk Road. The insights gleaned from this study underscore the urgent need for regulatory measures to mitigate the risks associated with anonymous cryptocurrency transactions and enhance law enforcement capabilities to combat illicit activities in the digital landscape.