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Author Topic: Bitcoin Related Crimes Surge  (Read 475 times)
Cyberczar
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October 24, 2018, 11:06:40 PM
 #1

From murders to kidnappings, it seems criminals are targetting Bitcoin hodlers these days. Now why is it that individuals are more careful with fiat than they are with crypto. This is money and more people (even crooks) are realizing that. I read this analysis of Bitcoin related crimes and think we should think of ways of keeping our crypto safe and our lives also. https://cryptoinfowatch.com/cryptocurrency-crimes-surge-as-industry-strives-for-greater-adoption/

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October 24, 2018, 11:47:14 PM
 #2

Bitcoins anonymous transaction is the major cause of crime related to bitcoins. Most criminals have concluded that the best way to get their operation going is to use bitcoins or cryptocurrencies that give privacy and can't be trace to a particular person.

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October 25, 2018, 03:42:36 AM
Merited by dbshck (2), LFC_Bitcoin (1)
 #3

Bitcoins anonymous transaction is the major cause of crime related to bitcoins.

bitcoin transactions are not anonymous.
and this has nothing to do with it either.

most of the times it is all about idiocy of people. for example the idiot who wanted to sell his bitcoin off the market and made an arrangement with a random shady person on the Internet whom he met in a secluded place where the perp guides him towards an alley with their car parked when they rob him has nothing to do with bitcoin! he might have been doing any other trade this way and gotten robbed the same way.

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October 25, 2018, 06:19:43 AM
 #4

Bitcoin anonymous transactions has nothing to do with the crimes related to it. it was only used because it lessens the risk of them getting caught red handed. me. personally knew about bitcoins with the deep web lol anyways, be safe everyone.

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October 25, 2018, 06:24:13 AM
 #5

Bitcoin anonymity is for everybody

There, I fixed it for you. Bitcoin is for everybody, although Bitcoin is not anonymous, it's pseudo-anonymous. If the user is not careful enough, some skilled people can find out (some of) his wallets.

From murders to kidnappings, it seems criminals are targetting Bitcoin hodlers these days.

They did since Bitcoin started to have some value, really.

Now why is it that individuals are more careful with fiat than they are with crypto. This is money and more people (even crooks) are realizing that. I read this analysis of Bitcoin related crimes and think we should think of ways of keeping our crypto safe and our lives also.

Many are fooled that Bitcoin is anonymous. Many are not tech savvy and this reflects int their online behavior, including the way they store or spend Bitcoin, including the fact their computers may not be protected against malware, including the fact they sometimes boast about their bitcoins, not thinking that bitcoins are easier to steal than the content of the bank account.

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October 25, 2018, 06:34:33 AM
 #6

Criminals will always try to steal money whenever they find an opportunity which is why I don't find this news to be surprising at all. This is the world that we live in. Ever since cryptocurrencies gained more prominence last year, hackers understood clearly that this is a gold mine waiting to be hacked. This is why we have been hearing stories about exchanges getting hacked especially this year. This is why you need to secure all your cryptocurrency assets in a secure and effective manner preferably by using a hardware wallet like Trezor which is beneficial in the long run.

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October 25, 2018, 06:42:51 AM
 #7

It is the same with jewellery and expensive watches, if it's worth money they will go after it. Bitcoin can be hidden so if you don't flaunt it then you can safely hold it, much better than jewellery

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October 25, 2018, 07:18:59 AM
 #8

There are a lot of things to keep in mind for the development of electronic money industry, One of them is safety. Each new hack or big theft from Mt. Gox in 2014 to Bitfinex in 2016, undermining trust and leading to ridicule from the media. Security is a haunting concern for the digital industry. Bitcoin of the blockchain technology has been (so far) "no-fake" and safe. However, e-wallet and electronic transactions aren't both and are the preferred target of online criminals.
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October 25, 2018, 07:39:57 AM
 #9

Up to this point, I have never heard of theft based on wallet addresses, all thefts are caused by protocol weaknesses and their smart contract bugs. Crypto is a technology and technology will always be recorded and detected even using anonymous aliases. Crime can appear anywhere and anytime based on opportunity, so when you find a strange transaction in your wallet just ignore or move to a new wallet to secure your assets.

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October 25, 2018, 07:51:55 AM
 #10

The majority of encrypted virtual currency is used as a form of payment on the website or networks they are building. Virtual money and related services are promising to improve efficiency and innovation. The use of virtual currency without revealing the identity is now a major concern for the government. This is because illegal activities such as money laundering, terrorist support, and tax evasion will become easier.

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October 25, 2018, 08:12:45 AM
 #11

Yes, many scammers use bitcoin to commit criminal acts. This is a fact. Why carry a lot of money with you in a suitcase if you can transfer them to another person using bitcoin. This is very convenient.But as Everyone knows from fairy tales Good always triumphs over Evil.I hope that in addition to the bad things you can use bitcoin to do good things.I do not want most people to associate bitcoin with crime. With this approach, we will wait a long time to increase capitalization.Regarding the security of your wallets, I recently read an article that quantum computers can bring security threats to any wallet in the future (which are now being created at a rapid pace).The development of this industry is worth paying attention to all cryptocurrency holders.As you know the saying, “forewarned is forearmed”
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October 25, 2018, 08:15:10 AM
 #12

Okay, I'm no engineering or techno expert, but if every transaction is recorded on the Blockchain, how come it can't be used to track the criminals or to pull our Bitcoins back? This is the perpetually confusing part of the Bitcoin/Blockchain thing for me. Just saying.
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October 25, 2018, 09:21:19 AM
 #13

The best way to prevent crime surge is to prevent using it in the public. Like what others says it is very handy and all you need to bring is your mobile phone. But if you look on the negative side you are on high risk upon exposing your account on public you become their target.

Regulations must be needed to protect investors and its users. Formation of anti money laundering team to monitor each transactions and activity.
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October 25, 2018, 09:40:30 AM
 #14

Okay, I'm no engineering or techno expert, but if every transaction is recorded on the Blockchain, how come it can't be used to track the criminals or to pull our Bitcoins back? This is the perpetually confusing part of the Bitcoin/Blockchain thing for me. Just saying.

The blockchain is only a ledger; it isn't controlling the flow of transactions but is only recording it together with a timestamp. People can always follow the taints of every transaction but knowing that an address doesn't relay any personal information to its owner whatsoever, it's not that easy to trace/track criminals. Also, bitcoin transactions are irreversible; once it's done, it's done unless a double-spend is created before the transaction is confirmed.

From murders to kidnappings, it seems criminals are targetting Bitcoin hodlers these days. Now why is it that individuals are more careful with fiat than they are with crypto. This is money and more people (even crooks) are realizing that. I read this analysis of Bitcoin related crimes and think we should think of ways of keeping our crypto safe and our lives also. https://cryptoinfowatch.com/cryptocurrency-crimes-surge-as-industry-strives-for-greater-adoption/

You'd be amazed how the crimes made using fiat currency overshadow that of bitcoin's. Take this for example, even the most respected banks tend to launder money through established connections. Not only that but they were successful in moving billions of dollars without ringing some alarms Roll Eyes Roll Eyes

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October 25, 2018, 09:43:55 AM
 #15

Unbelievable. Its money anyways so one might have to believe in such crimes. Also heard one of the biggest story last year in which bugler actually confiscated victim in his house in Australia, and looted his wallet by forcing him. So this kind of news not new and they will keep rising as those who are doing this knows the bitcoin and crypto currencies very well. With the time, people will have to be more anonymous than ever and not to show that one carries bitcoin in their virtual wallets.
It creates doubt though, how those people come to know who has the bitcoin.  Huh

   

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October 25, 2018, 10:57:08 AM
 #16

I've been hearing all about this issue many times now that bitcoin related crimes surges but all I can say is that either there's a bitcoin or not, crime still surges because of human nature that wants to commit crime, bitcoin was created with positive advantages to our society but there are also shady people who used and abused the power of bitcoin. 
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October 25, 2018, 04:46:46 PM
 #17

The bitcoin have changed many things in our lives in very positive way i believe. But the bitcoin and the cryptocurrency have brought some bad things too.. The most important things are; you can use it in illegal business like kidnapping, drug trade and terrorism.. When you can't track something there would be bad things too. And i know that there are no solution fot this problem right now.. 

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October 26, 2018, 03:17:20 AM
 #18

As a decentralized currency, Bitcoin is getting more popular among the general people in the world. Criminals always had used money to do their job. Now, they are using Bitcoin. If you look at it from that way, it isnothing new. Bitcoin is not be blamed for this.
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October 26, 2018, 03:58:56 AM
 #19

Bitcoins anonymous transaction is the major cause of crime related to bitcoins.

bitcoin transactions are not anonymous.
and this has nothing to do with it either.

most of the times it is all about idiocy of people. for example the idiot who wanted to sell his bitcoin off the market and made an arrangement with a random shady person on the Internet whom he met in a secluded place where the perp guides him towards an alley with their car parked when they rob him has nothing to do with bitcoin! he might have been doing any other trade this way and gotten robbed the same way.

I agree with you on this. The trade could be illegal in the first place.
We should be very careful in dealing with strangers online.
We don't know everybody's motives and scumbags are just lurking everywhere.

These people who have malicious intents are really doing their very best
to persuade someone and become their victim.
We all should be vigilant in these kinds of illegal transactions to stop
these criminals from endangering other people's lives not only to those who are
holding bitcoins but also to the innocent people who are still planning to engage
themselves into crypto space.

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October 26, 2018, 11:18:00 AM
 #20

Bitcoins anonymous transaction is the major cause of crime related to bitcoins. Most criminals have concluded that the best way to get their operation going is to use bitcoins or cryptocurrencies that give privacy and can't be trace to a particular person.
Bitcoin has both good side and bad side. Many anti social people use its bad side for their many illegal activities. Bitcoin is mainly famous for its online money transaction facility. Which is untraceable and uninterrupted. No third party like bank doesn't interfere with its transactions. Because of this many anti social people use for their criminals activities. Many people use it as a illegal money laundry tool. It also use for many cyber crime like malware attacks.
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