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Cybercriminals still prefer bitcoin, but will increase the privacy of the alt-coins, Europol report

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At Europol the report warned that while bitcoin remains the top dog in the world of cybercriminal activities focused on crypts, so-called private currencies like Monero (XMR) will soon take the leadership position, which will have a unique set of problems and risks for parts online security stakeholders

The report states that the primary uses of cryptocurrencies in cybercrime include Ransomware and cryptography.When a network or computer system is infected by Ransomware, hackers send network owners a payment address to pay for a specific amount of encryption to reverse the effects of malware on the computer.The encryption by contrast, is more clandestine and thin, inf It sets up a network and uses its processing power to extract cryptocurrencies at the expense of ne twork's performance.

An excerpt from the report reads:
"While Bitcoin has lost most of the overall cryptocurrency market share, it remains the major cryptocurrency encountered by order forces. banks and their customers, cryptocurrency users and facilitators have become victims of cybercrime themselves, with currency exchanges, mining services and other portfolio holders facing attempts to hack and extort personal data and theft. Money launders have evolved to use cryptocurrencies in their operations and are increasingly facilitated by new developments such as decentralized exchanges that allow for exchanges without any need for customer knowledge.It is likely that high-value cryptocurrencies will make existing online services obsolete. mixing and tumbler. "

Previously, Europol had issued warnings about league threats cryptography such as hacks, terrorist financing and money laundering. The Internet Organized Crime Assessment Report 2018 (IOCTA) warned that the anonymous nature of cryptocurrency makes it an increasingly popular choice for cybercriminals, both as a method of payment for illegal assets purchased on the Darknet markets, and as a means to facilitate extortion racks supported by Ransomware

The Europol report also notes that while terrorist calls and terrorist groups have attempted to raise money using cryptography, such attempts have mostly failed, as recently witnessed to a Committee of the United States Congress by Yaya Fanusie, Director of Analysis for the [19659003] Center for Sanctions and Illicit Finance of the Foundation for the Defense of Democracies
Nonetheless, the crypt remains noteworthy within the space of terror, because ISIS would acquire Internet domains using Zcash. Europol recommends that European investigators "establish trusting relationships with any cryptocurrency firm operating in their jurisdictions", but report the increase of decentralized exchange platforms as a potential obstacle to KYC and AML's efforts.

In the area of ​​money laundering, the report states that offenders have learned to adapt their operations to include the use of cryptocurrencies. New developments, such as increased decentralized exchanges, have helped them in this regard, making it possible to effectively overcome all KYC requirements through a double-blind peer-to-peer exchange system, without trust and peer-to-peer . These platforms, the report says, could make current security efforts obsolete.

Although not an obvious threat like Ransomware or phishing, encryption can still have devastating effects on the affected computer network. By nature, Cryptojacking malware programs are parasites, which means they are embedded in the infected system and then monopolize its processing power or CPU resources to solve the mathematical problems that generate block rewards.

It is also a very lucrative scheme for cyber criminals because it requires minimal investment and creates a revenue stream from unsuspecting devices and networks. In some cases, the monopolization and the excessive use of the CPU power of the system are so extreme as to cause physical hardware failures. In other cases, it reduces network speed and increases energy consumption.

In its quarterly "Threat Report", McAfee labs have recently revealed that the discovery of encryption cases increased by 629 percent only in the first quarter of 2018. A recent study put the number of UK companies that are Cryptojacking falls to 59 percent.

According to the report, such attacks are destined to grow in frequency and become a "flow of regular income and low risk for criminals". Coins like Zcash (ZEC) and Monero (XMR) are leading the charge, and they are also setting up a larger percentage of currencies used in extortion and ransomware episodes.

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