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Tag Archives: Crypto Cyber Crime

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Traceable Cryptos Not Wanted in Japan’s Exchanges, Here’s Why

  by David Drake   The financial regulator in Japan is working quietly to reduce cybercrime associated with cryptocurrencies. The Financial Services Agency (FSA) is hoping to persuade cryptocurrency exchanges to quit handling digital currencies largely preferred by criminals who are out to launder money and engage in other criminal activities, including terrorism. Sources that are close to the regulator confirmed the agency is taking action to discourage trading of altcoins such as Zcash, Monero and Dash. These cryptocurrencies are not easy to track which is why they’re largely preferred by the underworld. Even so, Luis Manuel López, General Coordinator at Workchain Centers, feels this isn’t the real problem. He says: “The use of these cryptocurrencies to fund illegal activities is a challenge that Silk Road and Bitcoin had to face six years ago. However, the measures taken to address it should not be limited to tools of payment that criminals ... Read More »

How Crypto-Related Cybercrime Should Be Fought

by David Drake   One of the main features of cryptocurrencies is anonymity. However, this has its dark side, and this is currently one of the major concerns in the cryptocurrency industry due to its linkage with cybercrime. In anonymous cryptocurrency trading, traders do not have to verify their identity or provide personal details. They can open virtual bank accounts and make transactions using digital currencies. This anonymity has made the industry an easy target for scammers, hackers, terrorists, criminals and gangsters. To address this problem, Japan’s Financial Services Agency (FSA) has decided to pressurize cryptocurrency exchanges to delist anonymous cryptos. For many people in the cryptocurrency space, this is neither the best nor a lasting solution to crypto-related cybercrime. In the recent past, we have witnessed big corporates, including banks, get hacked, losing billions of dollars or personal details of millions of customers in the process. Most of these hacking ... Read More »

Will Japan’s Efforts to Halt Trading of Dash, Zcash and Monero Succeed?

  by David Drake   The financial regulator in Japan, Financial Services Agency (FSA), has been quietly advising cryptocurrency exchanges in the country to quit trading Zcash, Dash and Monero. The three cryptocurrencies are seen to be favoured by money launderers as well as others who engage in criminal activities. The decision to discourage cryptocurrency exchanges from trading in these altcoins is largely informed by a report released by Europol last year. In the report, Europol indicated that these altcons are among the prefered digital coins of underworld participants because they are not easy to trace compared to currencies such as bitcoin. Real threats In the past, Monero has been targeted in cryptojacking attempts with hackers causing malware infections on computers in order to hijack their CPUs and then use them for mining the digital currency. But will ceasing their trading address the problem of cyber crime that has become ... Read More »

Will Dropping Some Currencies from Exchanges Reduce Crypto Cyber Crime?

by David Drake   According to Forbes, Japan’s Financial Services Agency (FSA) has quietly been pressuring cryptocurrency exchanges to stop trading digital currencies that tend to be favored by underworld users. The FSA argues that currencies such as Monero (XMR), Zcash (ZEC), and Dash (DASH) are ideal for money laundering because it is extremely difficult to track them and identify recipients. A shift in coin usage In February 2018, the European Union Agency for Law Enforcement Cooperation (Europol) raised red flags when criminals started shifting from bitcoin to altcoins which provide higher privacy levels. Europol linked the shift to increased monitoring of bitcoin by police forces and rising regulatory pressure against money laundering on the cryptocurrency. Luis Manuel López, General Coordinator of Workchain Centers holds that FSA is aligning its operations to concerns raised by Europol. In his view, the use of private cryptocurrencies has a negative effect on the market, especially crypto exchanges ... Read More »

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