Since Satoshi Nakamoto published the initial whitepaper and the Bitcoin network came into existence in 2009, cybercrime has been linked to Bitcoin. In the cybercriminal sector, cryptocurrency is used for a variety of purposes, including supporting dark web transactions, extortion, financial fraud, and counterfeit payments. However, as the modern world catches up in terms of technology, legislation, law-enforcement tracking capabilities, and enhanced account identification processes, cybercriminals’ use of Bitcoin has shifted.
Since cryptocurrencies are not overseen by a central authority and have low regulation levels, transactions cannot be closely monitored. As a result, they have become a site of criminal activity all over the world. As the economy became more globalized, cryptocurrencies became more appealing due to their capacity to easily transport huge sums across borders without being detected. Crypto transactions do not require real names, which makes it simple for a criminal to relocate and use crypto while remaining anonymous. Crypto-assets frequently lie outside the purview of EU financial legislation, which makes it difficult to put individual transactions in context, according to the European Banking Authority (EBA).
Implementing correct crypto cybersecurity policies and practices is a great way of ensuring safety. Being extra cautious with the programs and sites you use is the ideal approach to safeguard your organization from these cyber-attacks.
When a company employs a high level of cybersecurity protection, hackers are more likely to give up. Cryptocurrency exchanges are being controlled and monitored in the most secure way possible, just as cybercrime is on the surge.