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Bitcoin was once considered the dominant currency in illicit transactions. However, it is now being replaced by privacy-focused cryptocurrencies like Monero (XMR), Zcash (ZEC), Dash, and stablecoins.

The primary reason for Bitcoin’s decline in illegal activities is its transparency.

Reasons for the Shift from Bitcoin to Privacy Coins

Bitcoin (BTC) once dominated illicit activities on the Dark Web, such as Nucleus Marketplace or Brian’s Club. The report from TRM Labs indicated that Bitcoin accounted for 97% of the total cryptocurrency volume associated with illegal activities in 2016.

However, by 2022, this figure had dropped sharply to just 19%, indicating a significant shift toward other cryptocurrencies. 

According to the TRM Labs’ report, illegal cryptocurrency activities involving Bitcoin will drop to just 12% by 2024. Tron (TRX) holds the top position with 58%. In another report from Chainalysis, stablecoins now account for the majority of total illicit transaction volume at 63%. The use of Bitcoin in illegal activities also recorded a significant decline.

White House Market, one of the largest Dark Web marketplaces, stopped accepting Bitcoin and exclusively used Monero (XMR) for transactions in 2020. 

“The Bitcoin workaround was supposed to be there just to help with transition to XMR and as we are concerned, it’s done, therefore we are now Monero only, just as planned,” stated White House Market.

Elliptic researchers uncovered $11 billion in illicit trades using USDT on Cambodia’s Huione Guarantee marketplace in July 2024. Japanese law enforcement tracked Monero, marking the country’s first arrest linked to Monero transaction analysis.

The decision was driven by Bitcoin’s limitations, particularly its blockchain transparency. This move reflected a strategic shift in Dark Web markets and highlighted the rise of privacy coins like Monero, which are designed to provide enhanced anonymity.

The Popularity of Privacy Coins on the Dark Web

The decline of Bitcoin in illegal activities is not coincidental but rather stems from its inherent limitations. First and foremost, Bitcoin’s blockchain is a public ledger. When combined with additional data such as IP addresses or exchange records, every transaction can be tracked.

This transparency has enabled law enforcement agencies like the FBI to use blockchain analytics tools from Chainalysis and Elliptic to dismantle major Dark Web markets. Examples include the Silk Road shutdown in 2013, AlphaBay in 2017, Hydra in 2022, and Incognito Market in 2024.

Additionally, Bitcoin faces technical challenges, including high transaction fees and slow confirmation times. In contrast, privacy coins like Monero, Zcash, and Dash leverage advanced technologies to ensure high levels of anonymity, making transaction tracking extremely difficult. The Research from ScienceDirect suggests that privacy coins are closely linked to Dark Web traffic, further increasing their popularity in illicit markets.

The Two Sides of the Shift to Privacy Coins

On the positive side, Bitcoin’s declining role in illegal activities may improve its reputation as a legitimate financial tool. This could lead to wider acceptance and attract more users and investors.

However, the shift from Bitcoin to privacy coins and stablecoins has made it more challenging for law enforcement agencies to track and prevent illegal transactions. Despite advanced blockchain analytics tools that can detect transaction trails through mixers and tumblers, dealing with Monero and other privacy coins remains a significant challenge.

Global regulators are increasingly scrutinizing privacy coins and stablecoins. Some countries have outright banned privacy coins, while stablecoins are subjected to stricter oversight.

The transition from Bitcoin to privacy coins and stablecoins on the Dark Web is a clear trend, driven by the growing demand for anonymity and efficiency in illicit transactions. While Bitcoin still plays a role in certain crypto-related crimes, its transparency makes it less attractive to the Dark Web.

Meanwhile, Monero, Zcash, Dash, and stablecoins have become the preferred choices due to their enhanced security and privacy. This trend poses significant challenges for law enforcement agencies while driving advancements in blockchain analytics tools. 

However, it also raises concerns about using cryptocurrencies in illegal activities, necessitating a balance between technological innovation and regulatory oversight to ensure transparency and security in the digital financial ecosystem.

The post Bitcoin Falls from the Shadows: Privacy Coins Now Dominate Dark Web Transactions appeared first on BeInCrypto.

Pi Network, a prominent crypto project with a large user community, faces major pressure in Q2 2025. Although public interest in the project has declined, many Pioneers still hope for a strong price rally.

However, a significant amount of Pi tokens will be unlocked this month and in the coming months. This, combined with weakening liquidity, could make it difficult for Pi Coin to recover.

Pi Network Trading Volume Plummets as Circulating Supply Rises Sharply

According to data from PiScan, 212.2 million Pi tokens will be unlocked in May, 222.6 million in June, and 233.4 million in July. Notably, the period from May to July will see the largest Pi unlock events until September 2027.

This sharp increase in supply, along with the rising number of Pi tokens held on exchanges, is adding serious downward pressure on the price. PiScan data shows that the total Pi balance on centralized exchanges (CEXs) now exceeds 387 million tokens. Compared to a report in February, the amount of Pi on exchanges has doubled in less than three months.

Specifically, Bitget holds over 95 million Pi, while OKX holds nearly 154 million. This increase suggests that many investors may be ready to sell, increasing the risk of a price drop even if a short-term recovery occurs.

More concerning is the lack of liquidity growth alongside the rise in circulating supply. CoinMarketCap data reveals that Pi Coin’s trading volume has plunged from over $1.3 billion at launch to about $45 million—a 96% drop.

This dramatic decrease reflects a sharp decline in trading demand, raising concerns about the market’s ability to absorb newly unlocked supply.

Why Pioneers Still Expect Pi Price to Rebound in May

Despite the challenges, the Pi investor community holds an optimistic outlook.

Their hopes are partly based on unconfirmed rumors that surfaced in early May, suggesting Binance may list Pi. A Pi investor account with over 100,000 followers on X claimed that the Pi Core Team and Binance are in the final stages of negotiation.

“Soon! Pi will be listed on Binance Exchange, PCT is in final negotiation with Binance,” Pi Barter Mall declared.

Another key factor supporting a bullish outlook is the upcoming appearance of Dr. Nicolas Kokkalis, the founder of Pi Network, at Consensus 2025.

In addition, since its mainnet launch, Pi Network has achieved several milestones. These include Chainlink integrating with the Pi Network and Telegram Crypto Wallet integrating Pi as well.

At the time of writing, Pi’s price remains steady at around $0.58, as it has since the beginning of May. This reflects the cautious sentiment of Pi traders this month.

The post Pi Network Faces Heavy Sell Pressure as Q2 Unlocks Collide With Volume Collapse appeared first on BeInCrypto.