Despite the Closure of Infamous Silk Road, Online Illegal Drug Business Booming Says NDARC

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Despite the Closure of Infamous Silk Road, Online Illegal Drug Business Booming Says NDARC

The National Drug and Alcohol Research Centre’s (NDARC) in its press release has shown concern on the ever increasing online illegal drug business. The organization in its study found that rather than decreasing, the online drug business is booming as though the government of the US was able to close Silk Road, it could not shut several new websites that popped up recently.

ForexMinute had earlier reported last year how Silk Road was operating and dealing in the online drug business which had to be shut by the US authorities. The government and others had thought that it would be the end of the road for illegal online drug trafficking; however, according to NDARC, it looks like an unending process.

In its release, NDARC said, “The number of Australian retailers operating on the Silk Road more than doubled from 53 to 129 over the six months from February 2013. International retailers selling to Australia on the Silk Road increased by 27 per cent over the same period from 353 in February 2013 to 450 in September 2013.”

The governments have shown their concern on Bitcoin’s use in illegal online drug trafficking. Their arguments were based on the successful business run by Silk Road; once it was shut, the argument was weakened. However, now that the new study from NDARC has come up with the conclusion that illegal online drug business has increased, the governments might rethink.

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The Void Left by Silk Road Occupied by More than Ten Online Drug Peddlers

With Silk Road, a model came to light wherein sellers use online black markets to trade their goods worldwide. Rather than accepting national currencies or gold, the sellers accept payment via digital currencies like Bitcoin and then use postal services to deliver the drugs. The modus operandi came to light and warranted a clampdown from the government which came soon and Silk Road was shut.

According to Joe Van Buskirk of NDARC who is the lead author of a study looking into the operation and use of black markets online, shutting down Silk Road gave space to several companies. In fact, he says that soon after the closure of Silk Road another 10 sites sprang up.

It was not that government was oblivious; it started monitoring alternate websites as soon as Silk Road was shut down.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com