Cybercrooks Look For Bitcoin Alternative

[alyssa85]

http://www.pymnts.com/news/bitcoin-tracker/2017/cybercrooks-look-for-bitcoin-alternative/

A single bitcoin payment is enough to expose user identities and transaction histories. While bitcoin’s lack of total anonymity may not be a major issue for regulators, banks and proponents of its underlying blockchain tech, it could still put a dent in its overall use by cybercriminals who want to keep transactions private.

Especially since there are a number of digital currencies with actual anonymity built in — including Z-Cash, along with Dash and Monero. For now, these cryptocurrencies are much more difficult to access, acquire and exchange for fiat than bitcoin.

But it turns out, experts reported earlier this week that a computer virus, exploiting the same vulnerability as the WannaCry attack, had infected over 200,000 computers. Instead of demanding ransom, this virus used the computers to begin mining Monero — similar to bitcoin-based viruses released in bitcoin’s early days.

This is reportedly leading some to believe that, if Monero moves to become as adopted and accessible as bitcoin, cybercriminals would turn to this cryptocurrency for the purpose of cyberextortion.

“This used to happen in bitcoin before it became big — there were loads of botnets that went into computers that used to mine bitcoin, but you now can’t basically mine bitcoin on normal computers because you need specialist hardware,” Chainalysis CEO Jonathan Levin told Reuters. “If Monero does become adopted and is as big and liquid [as bitcoin], that means the crime [will] move from using computers to mine to getting to extortion,” Levin said.

[vlight]

Bitcoin is too hard to collect, how much of Monero do you think they can get? $5K 

[BTCwriter]

http://www.pymnts.com/news/bitcoin-tracker/2017/cybercrooks-look-for-bitcoin-alternative/

A single bitcoin payment is enough to expose user identities and transaction histories. While bitcoin’s lack of total anonymity may not be a major issue for regulators, banks and proponents of its underlying blockchain tech, it could still put a dent in its overall use by cybercriminals who want to keep transactions private.

Especially since there are a number of digital currencies with actual anonymity built in — including Z-Cash, along with Dash and Monero. For now, these cryptocurrencies are much more difficult to access, acquire and exchange for fiat than bitcoin.

But it turns out, experts reported earlier this week that a computer virus, exploiting the same vulnerability as the WannaCry attack, had infected over 200,000 computers. Instead of demanding ransom, this virus used the computers to begin mining Monero — similar to bitcoin-based viruses released in bitcoin’s early days.

This is reportedly leading some to believe that, if Monero moves to become as adopted and accessible as bitcoin, cybercriminals would turn to this cryptocurrency for the purpose of cyberextortion.

“This used to happen in bitcoin before it became big — there were loads of botnets that went into computers that used to mine bitcoin, but you now can’t basically mine bitcoin on normal computers because you need specialist hardware,” Chainalysis CEO Jonathan Levin told Reuters. “If Monero does become adopted and is as big and liquid [as bitcoin], that means the crime [will] move from using computers to mine to getting to extortion,” Levin said.

This is just getting started, more of this kind of virus and extortion coming soon.

[European Central Bank]

makes total sense. these days i seriously doubt you could get away with anything with bitcoin unless you're turning it into cash, even then who knows what clever stuff they have to trace you?

bitcoin's days for nefarious acts are probably coming to an end. i don't think you can even mix successfully any more.

[alyssa85]

makes total sense. these days i seriously doubt you could get away with anything with bitcoin unless you're turning it into cash, even then who knows what clever stuff they have to trace you?

Yes.

Bitcoin is too high profile, and using botnets to mine monero and other alts probably produces better returns because it's completely under the radar. I doubt the owners of the infected computers will even realise what is happening.

[BTCwriter]

makes total sense. these days i seriously doubt you could get away with anything with bitcoin unless you're turning it into cash, even then who knows what clever stuff they have to trace you?

bitcoin's days for nefarious acts are probably coming to an end. i don't think you can even mix successfully any more.

Change Bitcoin to Litecoin, change Litecoin to Dogecoin, doing this from one exchange to another exchange with new accounts. Crooks are way more smarter.

[European Central Bank]

Crooks are way more smarter.

then law enforcement contacts the exchanges for the transactions to follow.

i've known quite a few crooks. they were mainly dumb as rocks. that's why they're crooks. there'll be ways to trace them and we won't know about it. if law enforcement want you then most of the time they'll get you.

[BTCwriter]

Crooks are way more smarter.

then law enforcement contacts the exchanges for the transactions to follow.

i've known quite a few crooks. they were mainly dumb as rocks. that's why they're crooks. there'll be ways to trace them and we won't know about it. if law enforcement want you then most of the time they'll get you.

Seen you known quite a few crooks then they're must of related to you some ways, people got confused crook with being dumb sometime. They are probably not crooks but just plan dumb people. Real crooks know how to created virus and hacking.

[European Central Bank]

Seen you known quite a few crooks then they're must of related to you some ways, people got confused crook with being dumb sometime. They are probably not crooks but just plan dumb people. Real crooks know how to created virus and hacking.

that's a weirdly defensive answer. good luck with your criminal career. don't be surprised when they come knocking eventually.

[nizamcc]

Not just limited to the privacy part, but there are many other things that should be taken into consideration like high miners' fee and transaction confirmation times which are a lot better in alts if compared to bitcoins, so not just those "crooks" but many others are now moving into other alts to handle their transactions in a more better way.