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Topic: Crimes involving crypto have risen - page 7. (Read 7349 times)

sr. member
Activity: 1638
Merit: 300
November 29, 2019, 07:02:51 PM
What made the involvement of cryptocurrency with crimes is that, the anonymity attained from using cryptocurrency secures the disclosure of one's information to its system only. You might ask "What information?" not personal infos, only the time,date and amount that is why it is commonly used to pay for international crimes like smuggling of goods obviously to avoid being caught by the authority. There is nothing for us to do with it since the system was born decentralized. But a middle-man (exchanges) can interfere someone elses action under their hand, they have the right to freeze and investigate when something unusual happen especially when talking about long numbers.

That is right, and that is not the only problem, there are also these scams. But I think these problem is not the fault of the system too but our fault as investors and users. If we have enough knowledge about how things work, we don't need to worry about being scammed or being tricked. We should be really careful since we are dealing with crypto currencies.
hero member
Activity: 3066
Merit: 536
Leading Crypto Sports Betting & Casino Platform
November 29, 2019, 06:03:07 PM
Hackers and Illegal activities are still improving day by day, how long it will last? It is a long process to done this.. we cant take an action for now if no one will help us to fight it. all we can do is not to risk all of our funds on trading. as we not also control the market. as long as we have some knowledge to avoid it. lets do it. so we cant have big losses.
indeed, there are many crimes that use cryptocurrency as the safest digital currency for extortion because it is not easy to trace and can make the perpetrators of crime free, this is the dark side of cryptocurrency that should not be used for crime.
Truth is, most of the time the extortion for example that involves using malware to lock up the datas that currently happening and most of them uses bitcoin to extort ended up caught by the police. It's not that hard actually to track people who uses bitcoin. The government could just ask some exchange regarding the information of the person and there's even website that will tell you which exchange they are sending the money to by just looking at their address. it's a lot easier than tracking cash money.
legendary
Activity: 3234
Merit: 1214
Vave.com - Crypto Casino
November 29, 2019, 03:55:44 PM
This is where regulation of the cryptocurrency usage gains importance. If the governments have regulated the usage people get more awareness on usage. This will eliminate the scammers who come to trap the newcomers in the name of serving the people who are new to the cryptocurrency network.

When we take into consideration about different crimes that have taken place, surely there will be at least a small mistake being done by the user. This will be used by the scammers, hackers whose only goal is to take away the funds targeted. As of now there is decrease in the number of crimes happening related to cryptocurrency as people are more responsible in handling funds.
sr. member
Activity: 910
Merit: 261
★Bitvest.io★ Play Plinko or Invest!
November 29, 2019, 03:04:30 PM
Crimes have risen a lot lately and it's not only about bitcoin, it's also involving real money. I meant It's true that there's a lot of illegal things can be done using cryptocurrencies like Bitcoin or monero, which everyone can see that drug dealers using bitcoin in the Darknet marketplaces to buy and sell their drugs or weapons or even hiring some professionals to kill some people. Bitcoin was used cause it's untraceable and secure as well as the transactions are really quick.

Indeed. Crimes involving crypto really have risen because there are a lot of beginners who also wants to buy and invest their money to crypto, that is why a lot of people have become a victim of scams and frauds because they don't have any idea and enough knowledge about it. It is the reason why a lot of countries like China banned bitcoin mining and ICO projects due to increase of scams.
sr. member
Activity: 1078
Merit: 342
Sinbad Mixer: Mix Your BTC Quickly
November 29, 2019, 12:45:15 PM
Crimes have risen a lot lately and it's not only about bitcoin, it's also involving real money. I meant It's true that there's a lot of illegal things can be done using cryptocurrencies like Bitcoin or monero, which everyone can see that drug dealers using bitcoin in the Darknet marketplaces to buy and sell their drugs or weapons or even hiring some professionals to kill some people. Bitcoin was used cause it's untraceable and secure as well as the transactions are really quick.
legendary
Activity: 2576
Merit: 1252
Leading Crypto Sports Betting & Casino Platform
November 29, 2019, 12:09:11 PM
it is true that there have been many crimes involving crypto, criminal acts and terrorism. I think this system must be fixed so that investors continue to believe.

And what is wrong with the system? I don't think there is something wrong or something that needed to be fixed in this system. I don't think the system is the problem, it is the people. Crypto currencies are obviously decentralized, these criminals are "terrorists" are just taking advantage of that, what do you want to be fixed? make it centralized? The problem is the security of these exchanges, not the system.
What made the involvement of cryptocurrency with crimes is that, the anonymity attained from using cryptocurrency secures the disclosure of one's information to its system only. You might ask "What information?" not personal infos, only the time,date and amount that is why it is commonly used to pay for international crimes like smuggling of goods obviously to avoid being caught by the authority. There is nothing for us to do with it since the system was born decentralized. But a middle-man (exchanges) can interfere someone elses action under their hand, they have the right to freeze and investigate when something unusual happen especially when talking about long numbers.
jr. member
Activity: 30
Merit: 1
November 29, 2019, 10:51:18 AM
First thing which comes to my mind about using cryptocurrencies in crimes are money laundering and transactions on darkweb. It was said that from 2019, 829 million dollars in Bitcoin has been spent there. Security system which leaves much to be desired and lack of any regulations are the main reason, nothing will change without these key factors. There are associations set up to prevent such activities for instance Coinfirm, which recently expanded their offer by reclaiming stolen cryptocurrencies. Hope there will be more and more companies in the future like that one, which use blockchain technology to solve serious problems. If you want to know more, you can visit their website: https://www.coinfirm.com
jr. member
Activity: 114
Merit: 1
November 29, 2019, 10:18:53 AM
Global crypto coverage is growing of course amount of crime is growing too.
There are a lot of scammers in the industry
sr. member
Activity: 1638
Merit: 300
November 29, 2019, 10:06:09 AM
it is true that there have been many crimes involving crypto, criminal acts and terrorism. I think this system must be fixed so that investors continue to believe.

And what is wrong with the system? I don't think there is something wrong or something that needed to be fixed in this system. I don't think the system is the problem, it is the people. Crypto currencies are obviously decentralized, these criminals are "terrorists" are just taking advantage of that, what do you want to be fixed? make it centralized? The problem is the security of these exchanges, not the system.
member
Activity: 196
Merit: 30
November 29, 2019, 09:56:31 AM
"Nearly 2.7 trillion won ($2.3 billion) have been lost to crimes involving cryptocurrency in the last two years, according to South Korean government data."

where do you see the improvements being made against crypto criminal activity. this can really hurt the price for traders/investors if conditions don't improve.

I would say ! We only need to improve our minds to prevent from such things.
I think fake ico's are very harmful for crypto mostly peoples hate crypto because they lost their money by investing in ico
hero member
Activity: 3066
Merit: 536
Leading Crypto Sports Betting & Casino Platform
November 28, 2019, 10:39:29 PM
Well, what investors need to be proven? Recently a child's abuse was caught by law enforcement and I think this is a start that some of them afraid of doing illegal activities. Absolutely, Crypto is a great advantage of criminals against the government because they think that they can't track every transaction that criminals made. They don't have access to it the reason why the crimes in crypto are rising this time. Also, drug lords use crypto in their illegal transactions as well.

But now, law enforcement has good knowledge of crypto transactions. They will able to trace via personal email account and the personal phone number. Indeed, Refer to this article. https://www.bbc.com/news/world-50073092
Even the nature of blockchain system is transparent and it saves your transaction forever in the blockchain even the smallest detail (which second you made the trx) I can't see any other reason for all these criminals to use crypto(except anoymous coin) other than stupidity because every exchange nowaday requires kyc and that means cashing out for these criminals is a lot harder than it should be. using crypto for serious criminality is basically setting up a time bomb for yourselves. if they are not caught today they will in the far future.
full member
Activity: 532
Merit: 104
November 28, 2019, 09:22:28 PM
Exchanges they have too much money and the security of these exchanges is not good. In addition, fraudulent cryptocurrency wallet projects in the form of ponzi also bring many risks for investors. In essence, the altcoin's blockchains and Bitcoin;s blockchain are hard to hack, nearly impossible.
member
Activity: 464
Merit: 10
November 24, 2019, 05:26:08 AM
Because cryptocurrencies are a decentralized currency, the user name and the newly created relatively short, it will have a lot of holes, why you have to risk to rob banks, cars, phones. , ... whereas cryptocurrencies are much safer. After this incident, more people will think of cryptocurrencies as fraudulent, unreliable, which is a sad news, I think that cryptocurrencies need to be more secure in transactions to keep users safe , except for greedy and lazy people who like to rob other people of their possessions.
hero member
Activity: 1638
Merit: 518
October 18, 2019, 03:58:34 PM
well, basically its a normal, it's a common thing on human life.
when something new is created, there will always be two sides that are different from each other,
for example , credit card .
for good perseption , its very usefull in daily life
but for negative perseption , well,when your data is known to others people, maybe your bill will swell suddenly.
in crypto also ,
its easy to use, anonim , simple.
no wonder bad people using crypto for negative thing.
and of course it will be continue risen , even more , since popularity of crypto also rising.
hero member
Activity: 1008
Merit: 511
CryptoTalk.Org - Get Paid for every Post!
October 18, 2019, 01:10:16 PM
Crypto on its early stage is still evolving for the betterment of everyone but unfortunately these people who have bad intention found holes and take this opportunity to use it on their illegal activities. This criminal activities creates a bad image for crypto in the public which sometimes causes for a new investors to stay away from Crypto but regulators are aware of this criminals that is why they are creating necessary precautions to avoid this in the future.
hero member
Activity: 2114
Merit: 619
October 18, 2019, 12:36:59 PM
I think crimes and economy both move hand in hand crimes have been prevelant since the biblical era and so has been the Economy. Bitcoin is no different. It does provide extra security and anonymity to its users but it is no guarantee that no negligence would be done on the part of users. Generally hacking are due to phishing and keyloggers which are prevelant due to negligence by consumers. Moreover using btc for criminal activities is also something people also do with fiat. Trillion are spent in fiat on various money laundering and corruption activities. So I think it's nothing new and hilarious that bitcoin too is behaving like a normal currency.
sr. member
Activity: 686
Merit: 262
October 18, 2019, 11:24:53 AM
No regulatory environment is one of the many reason for the rise of crypto crimes. It is easy to enter in cryptocurrency. But understanding the mechanism and technicalities isn't that easy. Hackers exploit this point. BTC is technically a bit advanced. Understanding the use of wallets and which exchanges to trust isn't easy. It is easy to manipulate people. Because of which with more awareness, more people are coming to crypto space and are becoming an easy target for hackers.
sr. member
Activity: 1624
Merit: 341
Buzz App - Spin wheel, farm rewards
October 18, 2019, 11:01:18 AM
Crimes involving crypto have risen every year with hundred cases for every year with bitcoin and altcoin, last time SEC have announce with many ICO scam and many exchange hacked and why they reject bitcoin as legal payment, bitcoin need higher security to make investor save with bitcoin investment and for new altcoin give profitable for every investment kinds. Bitcoin have approval for every complaining by investor and give good solution for bitcoin at the future keep from crimes.
it is true that there have been many crimes involving crypto, criminal acts and terrorism. I think this system must be fixed so that investors continue to believe.
cryptocurrency system no need to be fixed.there is no correlation between crimes and crypto.they just want to take advantages the cryptocurrency anonymity.by doing crime in this market,their identity will not revealed.and ofcourser they freely to repeat their action.and SEC has important role to prevent and reduce risk scamming or fake projects that will harmed investors.
sr. member
Activity: 854
Merit: 267
★777Coin.com★ Fun BTC Casino!
October 18, 2019, 10:09:48 AM
"Nearly 2.7 trillion won ($2.3 billion) have been lost to crimes involving cryptocurrency in the last two years, according to South Korean government data."

where do you see the improvements being made against crypto criminal activity. this can really hurt the price for traders/investors if conditions don't improve.
No wonder why there's a lot of crimes in crypto. Crypto has an anonymity mechanism embed on it that is why people are using it in evil deeds.  This is also the reason why some countries are prohibiting the usage of any cryptocurrency in their country. The transaction through this currency cannot be easily traced that is why it is perfect for doing illegal things. Basically, crimes are inevitable especially on crypto and there's nothing we can do about it.
full member
Activity: 938
Merit: 105
October 18, 2019, 08:02:42 AM
crime has always increased not only in cryptocurrency but also in fiat money transactions. and I don't think we can avoid this because in this world there will always be bad people who want to get money quickly without working. what we need to do is improve our security system. and always be careful in every transaction. and in my opinion news like this does not affect the price of bitcoin. because this news may not necessarily be just an issue.

Precisely the point, scam is increasing I think almost everyday, especially that crypto is being popular now so scammers are targeting those new investors who doesn't have much knowledge yet about crypto. Crimes and scams are inevitable whether we like it or not that is why it is very important that we should all be careful in choosing the projects that we want to take part too.
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