Crypto is increasingly being used for criminal activities

pawanjain

hero member

Activity: 2702

Merit: 716

Nothing lasts forever

Quote from: Desmong on May 07, 2021, 04:19:32 AM

We all know that because of the level of anonymousity of crypto identity by users, it has increasingly being hijacked by criminals for laundry and scam activities. It has become a tool of kidnappers and extortionists that is contrary to civilization.

We all know that very few people are using Bitcoin to pay their bills, but some people are using it to buy drugs or subvert elections. Research shows that illicit activity accounts for less than 1 percent of the overall transactions,of that small portion, scam make up the overwhelming majority of cryptocurrency related crime including money laundering, terrorism, trafficking, or other unlawful activities.

One of the most widespread but false notions about crypto is that it is mostly used by bad actors for illicit financing: https://blog.coinbase.com/fact-check-crypto-is-increasingly-being-used-for-criminal-activity-and-is-a-haven-for-illicit-856a71dfb399

The title and content of the post are opposite. Could you please change your title to something like ' Is crypto being used for criminal activities ?'

Ever since 2014 the usage of cryptocurrencies for criminal activities have decreased and trading and investments in cryptocurrencies have increased drastically.
Over the past few years the amount of people trading crypto is growing every day. Cryptocurrencies have changed it's direction quite rapidly.
But yeah I was quite surprised to read that the number is less than 1% now.

Gunday_07

member

Activity: 280

Merit: 11

Fiat is been used by criminals more than crypto because things are just easier with Fiat, you can easily track faster when it comes to crypto than Fiat, by the way regulations is coming to crypto but still isn't fiat regulated? Have crime rate reduced because of this? No of cos

BitKongy

member

Activity: 405

Merit: 19

When people said crypto can't be traced I always laugh, why? Because every buyers and sellers always leave behind a foot print, for example crypto exchange, you use them to swap to other coins but let's leave that aside, before you can get crypto fiat must come from somewhere, oh right , straight from your bank lol 🤣 the, changing crypto to fiat or fiat to crypto is where the privacy got broken

Masplanc

member

Activity: 798

Merit: 34

Quote from: Charles-Tim on May 07, 2021, 05:23:04 AM

What I just know is that criminals make more use of fiat if compared to cryptocurrencies. All the ransom demanded for by kidnappers in my country are in fiat, not crypto. This is how I believe it is still working in most or all other countries.

Before the first cryptocurrency (bitcoin) was created, terrorism has been so deadly during the time. ISIS, Al Qeada, Boko Haram, Al Shabab, Taliban and many others had been using fiat before 2009 when bitcoin was created.

Cryptocurrencies are yet still money, anything money can be used for good or bad purposes, but should not be centralized on cryptocurrencies because fiat is even yet more faulty in design than crypto.

You said it all
As far as cryptocurrency has value, some people may decide to use it in such activities which will benefit them. @Op don't generalized cryptocurrency as if it is mostly used for criminal activity. Cryptocurrency plays important role to the society and criminals will also think of away to benefit from it

Tessnik

member

Activity: 336

Merit: 16

sometimes I don’t really care about cryptocurrency being used for illegal transactions because I am aware of the level of crime in our society and as cryptocurrency is an anonymous currency criminals will always take advantage of it, but even the centralized currency e.g. the dollar are used for illegal deals, I will say the reason there is an increase in using cryptocurrency by a criminal is that cryptocurrency is mostly referred to as the dark web currency and its transactions can be hardily traced to an individual unless on few occasions.

Furious 7

hero member

Activity: 2856

Merit: 644

https://duelbits.com/

Quote from: AakZaki on May 14, 2021, 01:05:25 PM

Quote from: Alucard1 on May 14, 2021, 10:14:07 AM

~snip~ This is how popular bitcoin right now, even criminals are using bitcoin for their activities.

Some news reports say that Crypto, especially bitcoin, is used as a tool for crime. But I think it is only a small part, those who are too smart to use it for mischief because there is a chance. But behind the negative side there are many benefits that we get from digital currency. So until now, if we draw a conclusion, in my opinion, there are many benefits from the losses that have occurred. So I remain optimistic bitcoin is a future.

All crimes must be everywhere, including the crypto world, now we see that there are many hacks occurring on every major exchange and indeed this is a small part because it is not often that there is only a little off guard and when crimes have an opportunity they will do it.
But I also believe in the bitcoin system, which in the future will be even more stringent in security and this can make it difficult for crimes to break into the stolen funds that will become the currency of the future and with fairly tight security.
But it cannot be denied that every weakness, there must be something most important in us, we can guard against and don't let our guard down.

AakZaki

legendary

Activity: 2338

Merit: 1084

zknodes.org

Quote from: Alucard1 on May 14, 2021, 10:14:07 AM

~snip~ This is how popular bitcoin right now, even criminals are using bitcoin for their activities.

Some news reports say that Crypto, especially bitcoin, is used as a tool for crime. But I think it is only a small part, those who are too smart to use it for mischief because there is a chance. But behind the negative side there are many benefits that we get from digital currency. So until now, if we draw a conclusion, in my opinion, there are many benefits from the losses that have occurred. So I remain optimistic bitcoin is a future.

Alucard1

full member

Activity: 574

Merit: 125

All of the crimes that happened in cryptocurrency are mostly happened to fiat currency, laundering and fraud are really common crimes that we have in different countries, we cant kill those problems because criminals are always there, that is their only way of making money and now they have seen the potential of doing those things in cryptocurrency as they know that they are anonymous in the crypto world. This is how popular bitcoin right now, even criminals are using bitcoin for their activities.

GeorgeJohn

hero member

Activity: 1498

Merit: 711

Enjoy 500% bonus + 70 FS

Quote from: Desmong on May 07, 2021, 04:19:32 AM

We all know that because of the level of anonymousity of crypto identity by users, it has increasingly being hijacked by criminals for laundry and scam activities. It has become a tool of kidnappers and extortionists that is contrary to civilization.

Bro we know vividly that Bitcoin is not used for fraudulent activities, emphasising or capitalizing that Bitcoin is a source or an avenue for fraud, i stand to dispute the point, and be aware that fiat currency is 90% used by criminals, they use fiat for money laundering, politicians embezzle fiat for project, you can't compare cryptocurrency or Bitcoin usefulness to fiat usage, no their is a lot of differentiation between them.

tyz

legendary

Activity: 3360

Merit: 1533

Quote from: Desmong on May 07, 2021, 04:19:32 AM

One of the most widespread but false notions about crypto is that it is mostly used by bad actors for illicit financing: https://blog.coinbase.com/fact-check-crypto-is-increasingly-being-used-for-criminal-activity-and-is-a-haven-for-illicit-856a71dfb399

The lie still persists because it has been constantly repeated for a long time and has burned itself into the minds of many.

Nowadays, even high-ranking CIA employees* say that Bitcoin is used only little (compared to the total Bitcoin transactions) for criminal activities and that its use is even decreasing.

* https://markets.businessinsider.com/currencies/news/how-an-ex-cia-director-proved-bitcoin-use-in-crime-is-declining-10013473

sapnu

sr. member

Activity: 1050

Merit: 286

Considering the large amount of money being transacted under the deep web, cryptocurrencies will be used more likely to provide sufficiency and ease of transactions. Also, the anonymosity the criminals will have can save them from being caught. It was quite evident that bitcoin was really famous in the deep web wherein it is being used as payment by the VIPs to avail services or items that are illegal on the surface web. It seems quite normal that crypto is much tolerated knowing that even itself is not yet legalized in the world.

SquirrelJulietGarden

hero member

Activity: 1442

Merit: 775

Cryptocurrencies have used by people at unbelievable growth rate. 5 years ago, people use crypto to transact about $100 millions daily and nowadays it is $10 billions. Figures are used arbitrarily for examples. From the unbelievable growth of crypto adoption and usage for the transactions, it is acceptable and normal if you see same growth of crypto transactions for dark and criminal activities.

Why so serious.

aysg76

legendary

Activity: 1974

Merit: 2124

Quote from: Desmong on May 07, 2021, 04:19:32 AM

We all know that because of the level of anonymousity of crypto identity by users, it has increasingly being hijacked by criminals for laundry and scam activities. It has become a tool of kidnappers and extortionists that is contrary to civilization.

We all know that very few people are using Bitcoin to pay their bills, but some people are using it to buy drugs or subvert elections. Research shows that illicit activity accounts for less than 1 percent of the overall transactions,of that small portion, scam make up the overwhelming majority of cryptocurrency related crime including money laundering, terrorism, trafficking, or other unlawful activities.

One of the most widespread but false notions about crypto is that it is mostly used by bad actors for illicit financing: https://blog.coinbase.com/fact-check-crypto-is-increasingly-being-used-for-criminal-activity-and-is-a-haven-for-illicit-856a71dfb399

This is just another excuse made by the government who fear increased usage of cryptocurrencies by masses.Fiat is used by criminals from centuries and were there were not any crimes before emergence of Bitcoin and other altcoins?First ever illicit crimes were reported on Silk Road where Bitcoin was used on dark web but there were huge crime ratio prior that period.According to this report fiat is used 800x more than fiat in criminal related activities:

https://www.tap.global/fiat-used-money-laundering-800x-crypto

Criminal prefer getting extortion money in fiat because they can easily trade them in legal jurisdiction because crypto is not much adopted at this time to be publicly traded everywhere.Moreover they do not want to hold as long term holder to gain profits and need immediate cash.Learn about positive aspects of new technologies arising around you.

Oshosondy

legendary

Activity: 1624

Merit: 1200

Gamble responsibly

Quote from: khaled0111 on May 09, 2021, 04:04:23 PM

Is there any official statics that can back up your claims? Because according to Chainalysis teport only 2.1% of the total transactions volume have been used in illegal activities. And how criminals were running their operations before bitcoin and other cryptocurrencies ever existed?
Besides, bitcoin transactions, for example, are more transaparent than fiat transactions since everything is recorded on a public ledger.
I may agree with you that there is still a lack of regulation in some countries but this doesn't mean it's a safe haven for criminals.

If you read the OP very well, you will understand that the post is contradictory, he first like against crypto but later supported it, the link he included above is full of rubbish and misinformation about cryptocurrencies, that is not surprising me because some people are just blatant critics. But the topic writer later against what is on the link, which means the topic writer is supporting cryptocurrencies but his topic is absolutely not clearly written, he needs to edit the post.

khaled0111

legendary

Activity: 2702

Merit: 3045

Top Crypto Casino

Is there any official statics that can back up your claims? Because according to Chainalysis teport only 2.1% of the total transactions volume have been used in illegal activities. And how criminals were running their operations before bitcoin and other cryptocurrencies ever existed?
Besides, bitcoin transactions, for example, are more transaparent than fiat transactions since everything is recorded on a public ledger.
I may agree with you that there is still a lack of regulation in some countries but this doesn't mean it's a safe haven for criminals.

Fortify

legendary

Activity: 2688

Merit: 1192

Quote from: Desmong on May 07, 2021, 04:19:32 AM

We all know that because of the level of anonymousity of crypto identity by users, it has increasingly being hijacked by criminals for laundry and scam activities. It has become a tool of kidnappers and extortionists that is contrary to civilization.

We all know that very few people are using Bitcoin to pay their bills, but some people are using it to buy drugs or subvert elections. Research shows that illicit activity accounts for less than 1 percent of the overall transactions,of that small portion, scam make up the overwhelming majority of cryptocurrency related crime including money laundering, terrorism, trafficking, or other unlawful activities.

One of the most widespread but false notions about crypto is that it is mostly used by bad actors for illicit financing: https://blog.coinbase.com/fact-check-crypto-is-increasingly-being-used-for-criminal-activity-and-is-a-haven-for-illicit-856a71dfb399

It's a bit of a clickbaity title and intentionally misleading the way they worded it. The coinbase article does go into detail and disputes the myth that it is used in large part for criminal uses. 1 percent is a tiny proportion of the overall market and would most likely be in line with how every single other currency is used with regards to criminal activity. I wonder what should be done about the US dollar? The Euro? The Pound sterling? They're all used for every single illicit activity, do they need to be banned? I think governments around the world, as cryptocurrency seems to be sticking around, will bring in more laws that try to track all the entry and exit points where it is being converted back into fiat funds.

Oceat

sr. member

Activity: 2506

Merit: 368

Quote from: Taskford on May 08, 2021, 07:58:02 AM

Quote from: Desmong on May 07, 2021, 04:19:32 AM

~snip~

The article is exaggerating since criminals can use either fiat or crypto, anonymosity has actually no sense as they can still hide their illegal acts whatever currency they used, its just we are here in crypto and most of the people think about increasing usage on criminal activities since bitcoin is always hook for that situations.

Maybe we should stop looking on negative side on it since its isolated case actually.

Actually, Bitcoin has been used already before by these bad people making transactions in the dark web and I still believe they're still doing it. Selling guns, drugs, anything that you can think these people are selling it. And I agree, fiat or crypto these people can sell everything and most cases they preferred fiat over crypto because it's the easiest way to earn money without going to any centralized exchanges that could traced them back.

I believe that transactions in Bitcoin can be traced or track back to the users too since it's pseudo-anonymous unless if they were using a mixer to hide their transactions.

suzanne5223

hero member

Activity: 2660

Merit: 651

Want top-notch marketing for your project, Hire me

Money laundering, Terrorism and other unlawful activities are more conducted more using fiat currency and it will be an injustice to believe cryptocurrency was increasingly used for criminal activities without proper evidence. According to the research done by Former Central Intelligence Agency (CIA) Acting Director Michael Morell, what was said in the article is all false and should be discard

OP, I will advise you to read about article very well before posting it, if it an article that the evidence was based on some people believe I will say don't post it or agree with what was writing in the article.

Williamm07

member

Activity: 181

Merit: 14

$CYBERCASH METAVERSE

Anything that has value can be used as a means of payment or exchange by criminals, don't make crypto look like the real culprit here when criminals are also using Fiat and have been using Fiat for criminal fundings for years now, either crypto or other it doesn't matter, criminals will never seize to exists

Taskford

hero member

Activity: 2520

Merit: 783

Quote from: Desmong on May 07, 2021, 04:19:32 AM

We all know that because of the level of anonymousity of crypto identity by users, it has increasingly being hijacked by criminals for laundry and scam activities. It has become a tool of kidnappers and extortionists that is contrary to civilization.

We all know that very few people are using Bitcoin to pay their bills, but some people are using it to buy drugs or subvert elections. Research shows that illicit activity accounts for less than 1 percent of the overall transactions,of that small portion, scam make up the overwhelming majority of cryptocurrency related crime including money laundering, terrorism, trafficking, or other unlawful activities.

One of the most widespread but false notions about crypto is that it is mostly used by bad actors for illicit financing: https://blog.coinbase.com/fact-check-crypto-is-increasingly-being-used-for-criminal-activity-and-is-a-haven-for-illicit-856a71dfb399

The article is exaggerating since criminals can use either fiat or crypto, anonymosity has actually no sense as they can still hide their illegal acts whatever currency they used, its just we are here in crypto and most of the people think about increasing usage on criminal activities since bitcoin is always hook for that situations.

Maybe we should stop looking on negative side on it since its isolated case actually.

Topic: Crypto is increasingly being used for criminal activities (Read 358 times)