Relation of bitcoin to scammers, practicing fraudulent activities is quite common nowadays. However, unlike the mainstream bitcoin hacks and scams, Tina Jones tried to rescue her love by using bitcoin. A nurse by profession, Tina Jones from Des Plaines is 32 years old and she tried to hire a hitman over the dark web, for killing the wife of her lover. It is believed that she paid a fee of more than $12,000 in bitcoin, over the dark web.
It was revealed that Jones had an affair with her colleague at Loyola University Medical Center, where both of them used to work. After less than 2 years of marriage, Jones started the affair with her colleague who was a married man. When things didn’t turn out to be good for Jones as she was ditched by her lover, she turned to the dark web.
Last year, she turned herself in and faced several charges. As she clearly instructed to kill the wife of her beloved, she was charged for conspiring a murder. Additionally, she was charged for attempted first-degree murder and despite that later she was released on a $25,000 worth bond.
At that time, she also pleaded not guilty at the DuPage County Court and since then, she has been living with her family in Georgia. Although the terms are not known at the moment, she is expected to enter a guilty plea in the near future.
This might seem unusual but this was not the first time for anyone to approach a hitman over the dark web for killing someone, while using bitcoin. About a month ago, 47 year old Vincent Hui Kim Seng, also acquired the services of a hitman on the dark web for killing the new boyfriend of a lady he used to have an affair with.
Hui, a married man, started an affair with her colleague but things did not go as planned because the woman dumped him when she got to know that Hui would not give up on his marriage. She even moved on with a new boyfriend which was not at all well taken by Hui and in reaction, Hui decided to pay about $6,000 in bitcoin to a company on the dark web for killing the new boyfriend.
Hui started his plan by first downloading a Tor Browser and learned the procedure for using bitcoin. Afterwards, he went to a website Camorra Hitmen, for hiring a hitman. Despite his attempt to remain anonymous, Hui failed and got arrested by the Singapore Police Force just 10 days before the killing.
Hui is still engaged in legal proceedings and will return to court next month for the final decision. He could get himself a 7 year of jail term or even a death penalty if he’s proven guilty.
Together, bitcoin and dark web have been paving way for several illicit activities. Apart from the aforementioned instances, bitcoin had been used on the dark web for many other things such as drugs and child porn. And according to the report published by Chainalysis, bitcoin of more than $1 billion worth are set to be illegally spent on the dark web this.
Report also suggested that more than half a billion i.e $515 million has already been spent over the dark web. This shows that the illicit spending involving bitcoin are on the rise. Apart from drugs and child porn, bitcoin was primarily used to acquire credit card information of users. As people are able to easily hide their identity over the dark web, the combination of bitcoin and dark web compliment eachother.
Added to these trends, the bitcoin scams and frauds are also creating problems and substantially impacting the crypto space.
BlockPublisher inquired about the impact of bitcoin scams and frauds from Jimmy Nguyen, the President of the Bitcoin Association, and he told:
News of scams and fraud committed with Bitcoin and other cryptocurrencies undermines the ability to achieve mainstream adoption. It also scares away institutional investors and provokes scrutiny from government agencies. For consumers, big businesses and governments to get more comfortable using cryptocurrency, they need to feel it is safer.
Since prospective events taking place in the crypto space are needed to maintain the repute of cryptos, steps are required to compensate and prevent events causing harm. As power and control rested mostly with governments and regulators, their response and agenda hold substantial significance. In this regard, Nguyen enlightened:
Existing laws and regulations (such as those governing money services businesses, and issuance of securities) should already apply in the cryptocurrency space. It’s more important now for governments to provide guidance on how those laws and regulations apply to the crypto world, rather than just enacting new laws governing Bitcoin and other cryptocurrencies.
Several unwanted practices encompassing bitcoin and cryptos have alerted the authorities. Now, it would be of interest to see how the code of conduct for crypto exchanges and institutes is molded and varied by the authorities in an attempt to safeguard the interests of masses.