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2017 U. Ill. L. Rev. 1267 (2017)
Deciphering Cryptocurrency: Shining a Light on the Deep Dark Web

handle is hein.journals/unilllr2017 and id is 1293 raw text is: DECIPHERING CRYPTOCURRENCY: SHINING A LIGHT ON THE DEEP DARK WEB CARMINE DIPIERO* Government agencies have been slow to adapt to evolving tech- nologies and the increasing use of decentralized, digital currencies for illegal acts. Virtual black markets are spawning rapidly, and just as one gets taken down dozens more appear in its place. Current regula- tions and methods of law enforcement are outdated and must be re- formed and recalibrated in order to keep up with the innovative tech- niques of virtual black-market administrators and anonymous users. Despite the urgency of such reform, it must be accomplished while maintaining fundamental privacy rights and avoiding inhibiting new technologies. This Note explains how users are able to abuse digital currencies, such as bitcoin, for illegal purposes and analyzes the cur- rent methods used to catch these users. It then argues for a refor- mation of law-enforcement and legislative efforts so that resources may be focused efficiently on addressing the issue. TABLE OF CONTENTS I. INTRODUCTION ............................. ..... 1268 II. BACKGROUND .............................................. 1269 A. Bitcoin Basics: A Historic and Technical Overview............. 1269 B. Adding Layers of Anonymity: The Onion Router and the Deep Dark Web ................... ............... 1273 C. The Rise and Fall of the Silk Road .................. 1274 D. Expansion of Darknet Markets .................... 1278 E. Common Characteristics of Darknet Markets ...................... 1278 F. Government Agencies Capable of Addressing Darknet Markets..................................... 1280 G. Current Laws Capable of Addressing Darknet Markets ..... 1282 III. ANALYSIS ........................................ ....... 1283 A. Legitimacy of Agency Claims Against Darknet Control ..... 1283 1. Casting Doubt on the FBI's Claim of Cracking Tor.. 1283 2. NSA's Use of Parallel Construction in Finding Darknet Servers ................................. 1285 B. Applicability of Current Laws............. ............ 1286 1. Adequacy of the Bank Secrecy Act ......... ........ 1287 * J.D. 2017, University of Illinois College of Law. 1267

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