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Crypto, News, Regulation, enforcement & litigation
By Gontran de Quillacq
On October 21, 2021

The dark web’s regulator

The Cybercriminal underground community has a regulating authority! It uses disciplinary procedures to reduce the risk for the overall community.

The-dark-web-regulatorAfter the $11m ransomware event at JBS, Biden had a serious conversation with Vladimir Putin. REvil, the gang pointed as the culprit and which has an office in Russia, went dark the next day.

REvil is actually a technology provider for many other gangs, who ended up in the lurch for their own activities. So these affiliates complained to – not kidding- the arbitration panel regulating the web’s darkest corner.

The Cybercriminal underground community has a regulating authority! It uses disciplinary procedures to reduce the risk for the overall community. Notably, it provides:

  • Escrow services.
  • Asset distribution/collection in case of a gang’s failure.
  • Internal investigation and enforcement, with powers of restitution and/or disbarment.
  • Rule-making and executive powers, aka two branches of government.
  • A public blame mechanism, leading to promotion hindrance (that’s a U5/CRD, no?)
  • This being said, arbitrations are NOT private, and discoveries & trade secrets spill into the public domain, which is a treasure trove for (real) enforcement services…

 

Can you believe that the worst of the worst of DeFi have their own FINRA-like regulator??? Now, why would the crypto-cult still proselytize that DeFi is humanity’s panacea if even the lawless need a regulating authority…?

 

 

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