The
latest
research
from
Europol
called
the
Europol
Internet
Organized
Crime
Threat
Assessment
makes
it
clear
how
thieves’
use
of
Bitcoin
is
changing.

The
report
talks
about
the
use
of
stablecoins
like
Tether
(USDT)
and
Bitcoin
for
illegal
activities,
and
how
Monero
is
becoming
more
popular
for
private
transfers,
among
other
key
findings.

 

Bitcoin:
The
Cybercrime
Kingpin?

The
Europol
study
highlights
how
improbable
it
is
that
Bitcoin’s
significance
in
cybercrime
will
change
very
soon.
The
proven
popularity
of
Bitcoin
and
the
wide
range
of
exchanges
and
services
supporting
it
make
it
a
constant
tool
for
crooks.

Law
enforcement
departments
are
not,
however,
sitting
about.
By
employing
blacklisting
features
in
stablecoins,
authorities
have
been
able
to
freeze
dubious
money,
therefore
displaying
a
proactive
strategy
in
the
fight
against
crypto-related
crime.

Monero:
New
Darling
Of
The
Dark
Web?

Although
Bitcoin
is
still
the
most
often
used
cryptocurrency,
Monero’s
appeal
among
hackers
is
remarkable.
For
anyone
trying
to
hide
their
financial
activities,
Monero’s
design
emphasizes
anonymity
and
privacy.
Unlike
the
open
ledger
of
Bitcoin,

Monero
makes
it
difficult
for
law
authorities
to
follow
illegal
activity
by
blurring
transaction
data
using
sophisticated
encryption
methods.

Monero’s
unique
qualities,
the
IOCTA
said,
make
it
the
most
ideal
for
covering
illicit
activity.
Its
stealth
addresses
and
covert
transactions
let
crooks
go
undetectable.
Monero
is
frequently
used
to
purchase
illegal
goods
on
the

 

dark
web,
according
to
Europol,
which
enhances
its
standing
as
a
tool
for
crime.

Monero
is
prized
for
lawful
privacy-oriented
financial
transactions
even
if
it
is
utilized
controversially
in
criminal
operations.
This
dual
character
emphasises
how
difficult
it
is
to
handle
privacy-centric
cryptocurrencies
in
the
legislative
scene.
Law
enforcement
departments
have
to
strike
a
compromise
between
respecting
people’s
financial
privacy
rights
and
their
necessity
to
fight
crime.

Image: Politico

Other
Major
Discoveries

In
its
key
findings,

Europol
has
discovered
that
daily
cyberattacks
target
millions
of
EU
citizens
and
small
and
medium-sized
businesses.
Criminals
make
money
through
phishing,
investment
fraud,
and
internet
exploitation.
With
the
development
of
bitcoin
ETFs,
new
customers
may
fall
into
the
trap.

The
report
also
disclosed
that
hackers
are
getting
smarter
and
using
Artificial
Intelligence
to
make
processes
run
more
smoothly.
AI-driven
deepfakes
and
automatic
bribery
systems
make
it
very
difficult
for
authorities
to
locate
criminals.

Europol
recommends
improved
public-private
collaboration
to
address
these
issues.
The
organization
advises
law
enforcement
to
train
more
in
blockchain
technology
and
team
up
more
with
blockchain
analytics
firms.
These
procedures
equip
law
enforcement
with
the
tools
and
information
to
combat
bitcoin
crimes
in
the
evolving
environment.

 

Featured
image
from
Shutterstock,
chart
from
TradingView

Go to Source
Author: Christian Encila

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