Today the cryptocurrency market is almost everywhere in the business world. As a result, Crypto is stepping into the mainstream faster than expected. But why has Crypto gained the attention of the entire business world this quickly? You can sign-up here for more information.
It wouldn’t be wrong to say that decentralization has significantly earned Crypto’s current position. However, unfortunately, investors are not the only people who are interested in Crypto.
The unregulated transactions involving cryptocurrencies have eliminated the concept of authority in charge. Initially, decentralization was meant to demolish the need to trust the middleman, but scammers have recently begun to take advantage of this absence of authority or regulations.
Although cryptocurrency transactions aren’t completely anonymous, they are still untraceable. This is a massive upside for scammers to trick the investors into their games and escape without leaving any traces.
The absence of regulations makes it impossible to regain the lost assets. Researchers have found out that cryptocurrencies are being used in various illegal activities. These activities involve the trade of heinous goods and services, including weaponry.
While cryptocurrencies have initiated untraceable criminal activities, they have given rise to cybercrime too. Keep reading to find out the link between cryptocurrency and cybercrime.
Over time, the crypto market has rapidly grown. The most valuable cryptocurrency, bitcoin, hit its all-time highest price in 2021. Various global organizations are now adopting it as a payment medium.
Here are a few reasons why cryptocurrencies are so appealing to cybercriminals:
Crypto transactions are pseudo-anonymous. Unlike fiat currency accounts, crypto accounts don’t even require your real name while signing you up for a crypto wallet. Instead, transactions are carried out from one wallet’s public key to the other.
Moreover, the real identities of crypto holders also stay unknown. This is why cybercriminals are so invested in the idea of scamming in the field of Crypto.
Distance is merely anything when it comes to crypto transactions. For a crypto transaction to occur, you need a stable internet connection and a device that can run a cryptocurrency exchange.
Moreover, the speed of crypto transactions remains the same no matter where you transfer the currency. Therefore, Crypto has become a viral platform on the dark web as it allows untraceable and speedy transactions without having to be there.
The most popular advantage of the digital form of money and transactions is the possibility of scams. Cybercriminals have devised genius methods to trick crypto holders and confiscate all their assets.
The most popular way of scamming crypto holders is by luring them to use unauthentic and fake crypto exchanges. Therefore, it is essential to use well-known cryptocurrency exchanges like the bitcoin trading software. It is a safe and well-known crypto exchange that is famous for automatically swapping cryptocurrencies with other available traders, helping them benefit from the value fluctuations in the currency while staying safe from scams.
Some other popular ways to scam include phishing, scamming through fake emails, giveaway scams, and man-in-the-middle scams.
For instance, phishing occurs by sending fake emails with links that lead you to scam websites that require you to enter your personal crypto wallet information.
Man-in-the-middle scams require a technical approach where scammers get your information through unsecured public networks like public Wi-Fi.