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Hackers to release Bitcoin laundering app

Bitcoin has shot up in popularity through recent years, so much so that the idea of digital currency almost seems normal, with many online stores beginning to accept bitcoins as payment. However, this also means that governments around the world are moving to try and regulate the currency and some of Bitcoin’s more questionable users don’t want that to happen. That’s where Dark Wallet comes in, it’s a new app that will mask transactions by grouping multiple payments together as a single movement of funds.

Most people won’t need to use an app like this as it is mainly aimed at protecting the identities of users buying illegal goods and services with Bitcoins. Since Silk Road went down there has been plenty of copies popping up offering everything from drugs to assassinations all in exchange for bitcoins and obviously if the government can regulate the currency, then it can track these dodgy dealings, which won’t be good for the black market.

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Image Source: Wired

“This is a way of using bitcoin that mocks every attempt to sprinkle it with regulation,” says Cody Wilson, one of Dark Wallet’s two 26-year-old organizers. “It’s a way to say to the government ‘You’ve set yourself up to regulate bitcoin. Regulate this.’” Wilson has also flat out admitted that this app is being made for illegal activity: “It’s just money laundering software.”

Work on Dark Wallet began last summer, the project later expanded in to an Indiegogo campaign where the developers raised $50,000 to complete the project along with heaps of Bitcoin donations.

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KitGuru Says: The problem with this app is that it will be used to protect tons of criminals and help shadow organised crime. I’m surprised a project like this was actually allowed to be funded through Indiegogo in the first place considering the intentions behind its creation. I don’t see the Dark Wallet sticking around for long, some authority will shut it down eventually.

Source: Wired

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