From Facebook’s decision to ban cryptocurrency ads, to the train wreck that was Bitconnect, it’s not all good news that comes out of crypto. Sensationalism paired with the general fear of the unknown generates the perfect storm for misinformation and crypto really takes a hit from it. But from a basic, logical standpoint, there is nothing inherently illegal or evil about crypto; but it's very vulnerable to illegal use.
Understanding the true criminal extent of crypto usage is essential to culling the spread of misinformation. Cyber criminals will take advantage any resource if it means it will get them what they want and crypto fits the bill. Stealing coins is usually not the goal of the bad guy; blockchain technology makes hacking and theft of cryptocurrencies virtually impossible. Instead, cyber criminals turn to crypto just as normal users do: an anonymous, digital currency. With crypto at a smart thinking criminal’s disposal, stealing and hacking become outdated. Crypto is untraceable currency so all it takes is the funds and a willing seller and the blockchain handles the rest. Anything from drugs, to firearms and explosives, banned materials, and even human trafficking all utilize crypto in a minor or major way.
Criminals, especially cyber criminals, will look towards anything to make a quick buck and right now it's crypto that's fueling the chase. Though highly unregulated today, continued attention to the illegal activity generated via crypto creates a good base for legislators to work from to promote a safe and secure environment for crypto that goes beyond blockchain. Take a look at this infographic for more on the cyber crime interests of crypto, how online crime is shifting to meet crypto, and why you shouldn’t let that discourage you from getting started in your own crypto investments.
Infographic Courtesy of NullTX https://nulltx.com/the-role-of-cryptocurrency-in-crime-darknet-activity-soars/
