Bitcoin Makes Headlines In Cricket World But For Wrong Reasons

International Cricket Council (ICC), the international cricket governing body has concluded a corruption case concerning Zimbabwe International captain Heath Streak who has been banned for 8 years for passing on critical match day information to bookies.  Streak was found guilty of corruption charges and found to be involved in passing on information to bookies during his coaching stint.

The final detailed judgment that came out today has revealed the use of Bitcoin for payment by bookies, a first of its kind in cricket. The judgment revealed that Streak received two bitcoins as payment in 2018. The final report deemed the use of Bitcoin and cryptocurrencies as a new challenge for the ICC’s anti-corruption bureau.

ICC Says It’s Ready For the New Challenge

The report highlighted that up until now cash used to be the primary mode of transaction in cricket corruption cases and certain cases, expensive jewelry and cars have also been used as a payment offer. While Streak case might open a new chapter in the use of Bitcoin for corruption in cricket, ICC suggested they are more than ready to tackle the new challenge at hand.

ICC ACU General Manager Alex Marshall commented on the recent findings of the case and said,

“It is a new phenomenon for us, but we have staff capable of investigating it. Corrupters try to use all modes including cash and ‘hawala’, which are not easy to trace either. Bitcoins pose a similar challenge,”

Bitcoin in its early days was often discarded because of its popularity among dark web users. However, with progress in technology and growing adoption, the use of Bitcoin for illicit activities has come down significantly. Recent research and studies have shown that tracking Bitcoin used in illicit activities has become quite easy with the help of new tracing and analytical tools.