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Posted: July 19th, 2022
Crypto Crime and Cybersecurity: Investigating Emerging Cryptocurrency-Related Crimes
Cryptocurrencies, such as Bitcoin, Ethereum, and Dogecoin, have gained popularity and value in recent years, attracting the attention of investors, regulators, and criminals alike. While cryptocurrencies offer some benefits, such as decentralization, anonymity, and transparency, they also pose significant cybersecurity challenges and risks. In this paper, some of the emerging cryptocurrency-related crimes, such as ransomware attacks, money laundering, and theft, are examined, along with the possible solutions and recommendations to enhance the security and resilience of the cryptocurrency ecosystem.
Ransomware Attacks
Ransomware is a type of malicious software that encrypts the victim’s data or systems and demands a ransom, usually in cryptocurrency, for their decryption or restoration. Ransomware attacks have become more frequent and sophisticated in recent years, targeting various sectors and organizations, such as healthcare, education, government, and critical infrastructure. According to a report by Chainalysis, a blockchain analysis company, ransomware attackers received more than $400 million in cryptocurrency payments in 2020, a fourfold increase from 2019 [1]. Some of the notable ransomware attacks in 2021 include the Colonial Pipeline attack, which disrupted the supply of gasoline in the US East Coast and resulted in a payment of $4.4 million in Bitcoin to the attackers [2], and the Kaseya attack, which affected more than 1,000 businesses worldwide and demanded a ransom of $70 million in Bitcoin [3].
One of the main reasons why ransomware attackers prefer cryptocurrencies as a payment method is their anonymity and difficulty to trace. Cryptocurrencies use pseudonyms or addresses to identify the parties involved in a transaction, which can be changed frequently to avoid detection. Moreover, cryptocurrencies operate on decentralized networks that are not controlled by any central authority or intermediary, making it harder for law enforcement agencies to intervene or freeze the funds. However, some cryptocurrencies are more traceable than others, depending on their design and features. For example, Bitcoin transactions are recorded on a public ledger that can be analyzed by using various tools and techniques to link addresses to real-world identities or entities [4]. On the other hand, some cryptocurrencies, such as Monero and Zcash, use advanced cryptographic methods to enhance their privacy and anonymity, making it almost impossible to track their transactions [5].
To combat ransomware attacks and reduce their reliance on cryptocurrencies, several measures can be taken by both the public and private sectors. First, prevention and mitigation strategies should be implemented to reduce the vulnerability and impact of ransomware attacks. These include raising awareness and education among users and employees, updating and patching systems and software regularly, backing up data frequently, using antivirus and firewall software, and avoiding opening suspicious links or attachments. Second, cooperation and coordination among different stakeholders should be enhanced to share information and intelligence, report incidents, assist victims, and prosecute offenders. These include law enforcement agencies, cybersecurity firms, cryptocurrency exchanges, regulators, and international organizations. Third, regulation and oversight of cryptocurrencies should be improved to increase their transparency and accountability. These include establishing standards and guidelines for cryptocurrency service providers, such as exchanges and wallets,
requiring them to implement anti-money laundering (AML) and know-your-customer (KYC) policies,
and imposing sanctions or penalties for non-compliance [6].
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