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Tag Archives: cryptocurrency

U.N. Panel Claims North Korea Hacked Cryptocurrency Exchanges to Bypass Sanctions

A panel of specialists has reported to the Security Council of the U.N. that North Korea has been stealing huge amounts of cryptocurrency through hacking. They have also used the blockchain to evade economic sanctions, cover its online theft and to acquire overseas currencies. These frantic efforts to obtain foreign currency came about after economic sanctions were imposed on Pyongyang ... Read More »

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Two Australian Cryptocurrency Exchanges Tied to Dark Web Drug Trafficking Suspended

The Australian Transaction Reports and Analysis Centre (AUSTRAC) announced that it had suspended the licenses of two cryptocurrency exchanges in the country. The regulatory authority decided to suspend the exchanges after investigations by the Australian Federal Police (AFP) linked them to a dark web drug trafficking group. The AFP started the investigations against the organised crime group in February 2017 ... Read More »

Innovative legislation to counteract criminal and terrorist use of cryptocurrency

Bitcoin, and other cryptocurrencies, are increasingly being used by cybercriminals in various forms of illegal activities including money laundering, drug trafficking, malware trading, ransomware attacks, fraud, and others. Moreover, the past few years have witnessed the usage of cryptocurrencies to provide funding for terrorist organizations, especially ISIS. The current regulatory framework and legislation in the USA are obviously inadequate to ... Read More »

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The culture and ideologies underlying the cryptocurrency economy

Since its birth in 2009, the massive potential of Bitcoin’s disruptive technology has been gradually unfolding. Bitcoin advocates have put forward claims about its potential to totally transform the world as we know it today. They envision it as the deliverer of an anarcho-capitalist utopia and a nail in the coffin of the centralized nation-state model. A recently published research ... Read More »

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Research: Is cryptocurrency supporting financial inequality?

Bitcoin was created to offer people of the world equal financial opportunities. Cryptocurrencies were developed with the world’s unbanked population in mind, offering them a convenient alternative that omits the need for greedy middlemen. However, during the past few years, cryptocurrencies, especially bitcoin, have greatly deviated from their ultimate goals. A recently published paper analyzes how inequality is currently being ... Read More »

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Cryptojacking – Hijacking computational resource for cryptocurrency profits

The year 2017 was definitely “the year of bitcoin” as its value skyrocketed from $900 up to $20,000 during this year. This amazing increase in the value of bitcoin turned speculators and hobbyists into millionaires. The cryptocurrency “gold rush” enticed a large number of people globally to invest not only in bitcoin, but also in hundreds of other cryptocurrencies whose ... Read More »

Bulgarian Cryptocurrency Exchange Firm Owner to Be Extradited to the US

The owner of RGCoins, a Bulgarian crypto exchange firm, is to be extradited to the US following a ruling by the court of appeal. The cryptocurrency exchange firm, whose operations targeted clients from Eastern-European countries, was shut down shortly after the court of appeal confirmed the extradition decision. Rosen Yosifov is facing extradition to the US following a formal request ... Read More »

Research: Using cryptocurrency in money laundering

Cryptocurrencies have introduced the world to a new decentralized financial system, which offers participants the chance to enjoy executing transactions in an anonymous manner. On the other hand, they have facilitated money laundering, thanks to their innate anonymous nature, which has increased the rate of various money laundering activities at an alarming rate. Even though cryptocurrencies are associated with the ... Read More »

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Research: Cryptocurrency mediated drug trafficking in Russia

Increased usage of new digital technologies, such as the dark web and cryptocurrencies, has led to digitalization of various crimes, especially illicit drug trading. Using special software, such as the Tor browser, to ensure anonymity and hide their activities, individuals can presently conduct various forms of illegal activities on the dark web, including trading illicit drugs, weapons, and other goods ... Read More »

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Research: How to orchestrate a cryptocurrency pump-and-dump scheme

The almost total anonymity offered by the cryptocurrency verse has rendered it a fruitful arena for a myriad of fraudulent activities including Ponzi schemes, currency heists, and pump-and-dump schemes. Even though pump-and-dump schemes represent a well known form of ruse that have long taken place across traditional financial markets, they have recently found a new area to flourish in – ... Read More »

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Research: The usage experience of cryptocurrency across Russia

It has been almost 10 years now since Bitcoin was born, and since then the new blockchain based currency has introduced the world to a new concept for payments, establishing a novel economic order. Moreover, the plethora of cryptocurrencies we are witnessing now is representing a massive improvement in monetary systems, which has become a topical and controversial issue in ... Read More »

Monero Becomes First Major Cryptocurrency to Adopt Bulletproofs

Monero (XMR), one of the world’s leading privacy-centric cryptocurrencies, has recently adopted a new technology known as “bulletproofs”, becoming the first major cryptocurrency to adopt the technology. The adoption of bulletproofs by Monero has made the coin much more efficient, and helped enhance security and user privacy. Bulletproofs are a new kind of non-interactive zero knowledge proof protocol. This new ... Read More »

Saudi Man Admits Paying for “Sadistic” Child Pornography with Cryptocurrency

In a court in the Eastern District of Virginia, a Saudi national admitted downloading child abuse content from a darkweb platform that provided illegal content to paying members. The announcement, published on the Department of Justice Office of Public Affairs’ website, highlighted the fact that the defendant had “paid cryptocurrency” to access this darkweb platform in search of illegal pictures ... Read More »

Spanish Minister Takes Control of Cryptocurrency Transactions

Even though technocrats have always insisted that it is quite difficult to monitor and control the cryptocurrency market, Cristóbal Montoro, who is the head of the Tax Agency in Spain, has now ordered the National Fraud Investigation Office (ONIF) to work on the matter. According to a report published by the Crypto Economy, the government official believes that he could ... Read More »