What kinds of Cryptocurrency Crimes are there?

Cryptocurrency Crimes

Technology has enhanced almost every element of our lives, including those belonging to criminal offenders. The blockchain allows those who perpetuate illegal activities the ability to operate anonymously and across boundaries, which creates serious impediments for financial investigators and boosts crypto crime levels. In this piece, we will survey five types of offences that are powering a black market blockchain economy. So, if you are planning to trade Bitcoin, you may visit The official trading site of the most recommended online trading platform for Bitcoin.

Different Kinds of Cryptocurrency Crimes

Cryptocurrency Scams

Cryptocurrencies are an attractive tool for criminals carrying out a variety of scams. From Ponzi schemes and phishing attacks to investment frauds, these malicious activities have resulted in huge losses around the world. The PlusToken scam, which happened in 2019 cost investors USD 2.35 billion before Chinese authorities stepped in to arrest over 100 individuals linked with it. Crypto users must stay vigilant against such activity as billions of dollars remain at risk from similar deceptions.

Cryptocurrency Theft

Cryptocurrency isn’t automatically secure, though it is not immune to theft. Hackers make use of social engineering, phishing and hacking tactics to take the crypto of the victims before laundering it on the blockchain. The biggest known cryptocurrency theft had been the unauthorized access of Poly Network in August 2021, which cost an estimated $600 million. The Poly Network is a decentralized financial system (DeFi), a type which has been especially susceptible to hackers.

After the substitution of the swindled money, the story began to take on an unusual twist as the business asked the hacker accountable for the break to be Chief Security Advisor. Just before the Poly Network Hack, the biggest heist logged concerned Coincheck Inc. In Jan 2018, thieves broke into this Japanese exchange and then walked away with over USD 500 million in electronic tokens.

Cryptocurrency Ransomware Attacks

2020 saw an alarming increase in ransomware pay-outs, with a reported $370 million paid to attackers in cryptocurrency. Ransomware is a type of malware that can infiltrate systems through malicious attachments or links or exploits vulnerable software. The well-known ‘Ransomware as a Service’ (RaaS) model permits cybercriminals to lease ransomware from its creators for the commission when victims make payments against the threat of releasing sensitive information and prevention of system accessibility. This form of attack ordinarily targets businesses and government entities worldwide. Cryptocurrency is utilized in both conventional ransomware as well as RaaS attacks as it permits borderless transactions between many individuals that want to stay anonymous.

Illicit Trade and Darknet Markets

Darknet marketplaces, hosted on the dark web as TOR hidden services, are sites only accessible with specialized and secure software such as Tor. In 2020, these illegal marketplaces on their own processed approximately USD 1.7 billion in cryptocurrency transactions, which were used to finance unlawful tasks including the drug trade, stolen data product sales, human trafficking, arms dealing, as well as trades in child sexual abuse resources (CSAM). This is a major concern in regard to crypto being utilized for criminal gain or money laundering purposes. Hydra has seen tremendous growth in recent years, becoming the world’s largest darknet market by revenue. In 2020, its sales jumped 33% to a staggering 1.37 billion dollars – accounting for over 75% of all sales on darknet platforms worldwide! This particular platform is just one of the most well-known names in Eastern Europe, providing solely the Russian Federation as well as the Russian-speaking nations.

Terror Funding

Terrorists, both local and international, make use of cryptocurrency to support their businesses. Terrorist groups request money all over their sites, social networking platforms, citified messaging programs, and the dark web. They utilize wallets, mixers, along with various other techniques to launder money and also make tracking money much more difficult for law enforcement organizations.

Disclaimer: This is sponsored marketing content. The presented material by no means represents any financial advice or promotion. Be sure to do your research and acknowledge the possible risks before using the service of any trading platform.

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