Cryptocurrency Is Reportedly Fueling an Unprecedented Crime Wave: Here’s How

by Megan Molseed
(Photo by Karl-Josef Hildenbrand/picture alliance via Getty Images)

A crime wave born from an unusual source is currently growing at an explosive rate. And, things don’t seem to be getting better anytime soon. With the rise of Cryptocurrency companies such as Bitcoin, Ethereum, and many others, criminals are discovering new ways to cash out in some illegal ways. The online form of monetary exchange has opened doors when it comes to online payment options. However, cryptocurrency crime has also given criminals a brand-new avenue to not only accept payments but to also find new ways to steal funds across the board, Forbes reports.

Quick Facts

  • Cryptocurrency allows for monetary exchange between anyone all over the world, and for pretty much anything – which makes selling stolen data an easy task for criminals.
  • Cryptocurrency exchanges keep record of money exchanged but leave no information as to who exchanged the currency and for what.
  • These online cryptocurrency crime evolves faster then precautions are put into place.

Cryptocurrency Provides Cyber-Criminals an Instant (And Anonymous) Form of Payment

With the ever-growing interest in Cryptocurrency options, it is becoming harder and harder to trace illegal online deals. And, this is just how the criminals want it to be. It’s no shocking news that the internet is losing with a growing number of ill-intentioned users who are lurking behind the scenes, hoping to steal data or enter into nefarious deals. And now, these criminals have found a way to accept and receive funds for valuable data and goods online. The transaction is practically instant; with almost zero records left to trace them back to the illegal dealings.

With Cryptocurrency, a buyer can be anywhere throughout the globe. And, the online currency spans across the nations, so it is valuable and usable to anyone, anywhere. It is fast and virtually untraceable. Furthermore, the buyer and seller do not need direct content. This is something many criminals love as anonymity is often a key component to many online crimes.

Cybercrimes Can Rob Innocent Internet Users of Valuable Data

In cybercrime, robberies can take place in the form of ransomware. Online criminals can get into a computer and encrypt or “tie up” information. The criminal behind the ransomware is then able to require a payment to restore the stolen data and information.

Now, these cryptocurrency crime attacks have been a thing pretty much since the internet came about. However, they were pretty rate since remaining anonymous while collecting the ransom was a difficult task. But, enter Cryptocurrency and this issue quickly becomes a non-issue for the criminal.

Cryptocurrency Crime Is Evolving Faster Than Securities Can Keep Up

Cybercrimes can range from a broad category of nefarious dealings. These crimes can occur via malware, banking trojans, ransomware, and crypto-jacking.

While we are aware that these are the issue, the criminals evolve faster than many organizations can provide protections against the thefts. On average, someone falls victim to these types of attacks every 10 seconds all across the globe.

And, despite a variety of money invested in security software, many precautions become obsolete within a short time. This, of course, creates the need for even more protections to be put into place.