Anything beyond the control of government institutions is presumed illegal. Simplistic interpretation? Not necessarily ! Anonymous cryptos are giving Europol a hard time. Come on, a sentence that will spark controversy: cybercriminals, however, have “good things” to teach honest citizens.
Bitcoin remains the darling of cybercriminals
A report fromEuropol identifies the development of private cryptocurrencies and dark web market platforms as the main tools of cybercrime.
Europol says the combination of private wallets and privacy-focused cryptocurrencies is a significant risk factor.
Monero (XMR), Zcash (ZEC) and Dash (DASH) would be used more and more as a means of payment on the dark web, according to theInternet Organized Crime Threat Assessment (IOCTA) d ’Europol.
Other altcoins are growing in popularity on the dark web, including Ethereum (ETH) and Litecoin (LTC) But, Bitcoin (BTC) is by far the preferred payment method for cybercriminals, because of its reputation with the general public.
The more privacy-conscious criminals
The cybercriminals opt for porphysical wallets to store their cryptocurrencies and private keys.
They also use private data protection devices such as Coinjoin or any other mixer to launder and store their cryptos.
This type of protocol merge multiple transactions unrelated users to make tracking more difficult.
Tor is one of the dark web’s most popular anonymity protocols, but interest in decentralized platforms designed around the protection of private data continues to grow.
These platforms are used to sell illicit products and Europol believes that the network OpenBazaar represents a priority threat: its mobile platform Haven would have been downloaded by thousands of people on Android.
Europol points out, however, that the legal use of cryptocurrencies is on the rise, and cybercrime-related transactions represent only 1.1% of total transaction volume.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.
One day, anonymity will become a taboo word with a pejorative connotation. Unless cryptocurrencies can restore a taste for privacy to most of the people who now think it’s okay for a government to stalk their finances. Cybercriminals are opportunists: they will always seek to take advantage of new technology that allows them to slip under the radar of the police. This does not mean, however, that crypto projects like Monero should be shot in the knees.
Litecoin, welcome in the Silver Age