Criminals have long leveraged information and communications technology to commit crimes that pose significant threats to public safety, economic security, and national security. Illegal goods and services are marketed on websites accessible through traditional search engines (i.e., clearnet) and non-indexed websites that cannot be identified and accessed through traditional clearnet search engines such as Google or Bing (i.e., Deep Web). The Deep Web, which includes Intranets, websites that are password-protected, and websites accessible only using specialized browsers (e.g., Tor, “The Onion Router”), are part of what is known as the Dark Web. Within the Dark Web, the term darknet has been used to describe spaces used to facilitate criminal activities, such as the trade of illicit goods and services.

Academic research and media coverage of darknet marketplaces (DNMs) have predominately focused on cryptocurrencies, the sale of illegal drugs, firearms, stolen data (e.g., personal, financial, and medical information), counterfeit money and goods, child sexual exploitation material, and malware.

A crime not commonly associated with the darknet is securities fraud—a criminal offense under 18 USC § 1348, which involves the use of deceptive practices to influence or manipulate financial markets and/or others’ financial investment decisions. Nevertheless, two recent criminal cases drew attention to the use of darknet to commit securities fraud—Apostolos Trovias (“The Bull”) and James Roland Jones (“Millionaire Mike”).

Maras, M.-H., Arsovska, J., & Logie, K. (2022). The bull and millionaire Mike: A look at darknet and securities fraud. Security Management. https://www.asisonline.org/security-management-magazine/latest-news/online-exclusives/2022/the-bull-and-millionaire-mike-a-look-at-darknet-and-securities-fraud–summary/ccybers.org+2asisonline.org+2asisonline.org+2