Cybercrime often exploits precisely the lack of regulation and centralized controls of cryptocurrencies to deceive investors and embezzle funds through various forms of phishing, investment scams, digital wallet theft, ransomware, and illegal mining. In particular, ransomware, which encrypts users’ data and demands a cryptocurrency ransom for their release or to avoid a dataleak, is becoming increasingly prevalent, causing financial and operational damage to individuals and businesses worldwide.
Money laundering via cryptocurrency
Money laundering through cryptocurrencies has become a worrisome practice followed by cybercrime. Criminals create cryptocurrency wallets using randomly generated digital addresses or services that offer a greater degree of anonymity. They may also use tumbling services to mix cryptocurrencies from different sources and cryptocurrencies designed to provide greater anonymity, such as Monero or Zcash, which implement advanced techniques to hide transactions.
They may also seek to minimize interaction with exchange platforms that may impose KYC (Know Your Customer), and AML (Anti Money Laundering), rules. Money laundering can also involve fraudulent investments, where criminals use illegally obtained cryptocurrencies to participate in fake ICOs or to buy digital assets.
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