The dark web’s regulator

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…?

 

 

Read our privacy policy for info.

Follow on LinkedIn

Click here to follow Gontran de Quillacq

If already following, go to LinkedIn profile

Written by Gontran de Quillacq

Gontran de Quillacq is an expert witness and a legal consultant. He is a recognized authority in options, trading, derivatives, structured products, portfolio management, hedge funds, mathematical finance, quantitative investment, strategy research and financial markets in general.

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

You May Also Like…

Turkey’s fall

Turkey’s fall

The Turkish Lira is free falling. It has been weakening for years (from parity to 12 TRY to the dollar), but the 15% fall on Tuesday is causing a lot of pain and concerns. It could be intentional.

read more

Pin It on Pinterest