Crime and Crypto | Is there a way we can stop it?

  Crime and Crypto

On one side of the argument, cryptocurrency represents a completely independent network that provides peer-to-peer transactions, while allowing for total transparency and permanence through a distributed ledger. In other words, every transaction made on a blockchain is evident in a universal ledger that everyone can see. Includes an identifiable account number, transaction time and conversion rate.

For critics, it serves as the proprietary vehicle for money laundering and will never reach the status of legitimate legal currency. The charges against using Tether for price manipulation in Bitcoins also serve as a basis for critique criticism.

Crypto Mining Malware

Revolutionary problems are arriving at the arrival of revolutionary technology. In recent years, until the cryptic purchase rage, the number one cyberattack was in the form of Ransomware. Ransomware is a type of malicious software that aims to encrypt user data and files until a ransom in payment. A Skybox Security report confirmed the hypothesis that ransomware would decline sharply after people refused to pay to decrypt their files, based on rumors that files were never decrypted anyway.

Among the heavy increases in cryptocurrency prices in the second half of 2017, "encryption" has become the next big thing among cybercriminals. The hidden code on a variety of poorly managed cryptocurrency sites accompanies malicious software that targets a computer's central processing unit to extract cryptocurrency. You would never know that your CPU was used unless you gave a glance to your task manager. This allows cryptographic criminals to fly under the radar in their milking cow to a safe haven. Damaged mining crypto up to 32% of all cybernetic attacks in the first half of 2018, compared to 8% in 2017 for Coindesk.

Simplified Money Laundering

Thomas Mario Costanzo, a US resident of Arizona, was arrested with five money laundering charges. Last year, federal agents raided at his home in search of a massive supply of ammunition and money laundering through a peer-to-peer bitcoin exchange he created. Costanzo was sentenced last March for the 80-bitcoin recycling charge; It is worth about $ 164,700 at the moment.

Someone should have told Mario di Monero.

Monero, the cryptocurrency known for its excessive anonymity, shows that it is the ideal vehicle for money laundering. The single currency is different from the others because the currency does not identify an account number associated with its transaction in the ledger.

Order forces have completed money laundering with cryptocurrency by tracking the account number in a transaction to an I.P address, which can give away the user or the owner of the computer. With Monero there is no account number that can be traced. CypherTrace, a computer security company, reported that Monero's demand grew by 300% in 2018, measured by the stolen amount of exchange currencies. Only in 2017, about $ 250 million of Monero were subtracted from the exchanges. The amount from the beginning of the year to the stolen capital in the first two quarters of 2018 – $ 750 million.

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Featured Image: Depositphotos / boydz1980

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