Crimes involving crypto have risen

[bryant.coleman]

~The reason why people rather criminals like to deal in crypto currencies or bitcoin is that they are anonymous which means it is not possible or too difficult to trace out the transactions made with crypto coins. Also, we cannot blame digital currencies for this because there are many people who use technology in good way and then there are those who commit awful acts of theft and robbery. Bitcoin and altcoins are the future.

Criminals still use Bitcoin only because of their ignorance. It's enough to read the news for the past couple of years to see how many of them were caught exactly because they were too confident that they were impossible to catch when using Tor and Bitcoin.

It is impossible to link a Bitcoin address to an individual, unless there are transactions to exchanges (where KYC is enabled) or there is a linkage to fiat currency. In 90% of the cases, the criminals were caught when they were trying to cash out their booty. Nowadays the conmen are not stupid enough to spend the stolen coins in exchanges and most of them go for mixers. But recently I heard that some of the stolen loot from the PLUS token scam was laundered using exchanges such as Huobi and OKEx.

As long as they stay away from fiat and exchanges, it is still very much impossible to catch these criminals. As I said, the problem occurs when they get impatient and tries to cash out.

[doomistake]

this is the negative side cryptocurrency is often used for crime. we cannot avoid it. and if left unchecked will affect the market. the security system should be improved more. and maybe we do need regulations so that people who commit these crimes can be punished. so that if there are regulations it is possible that crime like this can be minimized.

For some additional important information that you should know, fiat is the most used currency in everything, you name it, and that includes crimes and other illegal activities even it's already being regulated by the Government. You see, the blame shouldn't be in cryptocurrency or fiat, it is us who made the choice, on where we are going to use our possessions.

Cryptocurrencies being use in illegal things will not affect the market, and the system that you were saying has nothing to do with it, blockchain is completely perfect that is why criminals preferred to use it than fiat.

[AliMan]

this is the negative side cryptocurrency is often used for crime. we cannot avoid it. and if left unchecked will affect the market. the security system should be improved more. and maybe we do need regulations so that people who commit these crimes can be punished. so that if there are regulations it is possible that crime like this can be minimized.

For some additional important information that you should know, fiat is the most used currency in everything, you name it, and that includes crimes and other illegal activities even it's already being regulated by the Government. You see, the blame shouldn't be in cryptocurrency or fiat, it is us who made the choice, on where we are going to use our possessions.

Cryptocurrencies being use in illegal things will not affect the market, and the system that you were saying has nothing to do with it, blockchain is completely perfect that is why criminals preferred to use it than fiat.

You mean the anonymous being of crypto has taken advantage by these criminals? Actually this isn't a good excuse for them, because the exploitation of the system was generally driven towards crypto, which the one involved with this cannot be traced directly. Maybe there's somebody whose ignoring this issues arising. Illegal activities related to crypto needs to be eliminated, to lessen the occurrence and government should take action on this concerns.

[Vishnu.Reang]

There are now many issues about the involvement of ryptocurrencies in crimes related. I think it is one of the factors why some countries are not regulating it because of its disadvantages.

Your statement is very confusing. How the lack of regulation is going to bring down the crime rate? Although I am not a big supporter of regulation in the world of cryptocurrency, I am not very comfortable with all these scams and ponzis. In order to reduce them, some sort of government involvement is needed. For more than two years, scam ICOs have been causing huge losses to those who are unfortunate to invest in them.

[GrayFullbuster]

"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.

We should be aware the cryptocurrencies can be use in illegal transactions. Cryptocurrencies are now a mode of payment and it is a reality that there are people who use it in a bad way.

[bryant.coleman]

That is the very thing we should avoid, to put our funds or assets in exchange and just leave it there, especially if we don't know the capacity of that exchange, or how credible they are, so for better safety, I agree with you we should withdraw our funds immediately after trading or we don't want to trade anymore.

There are many cases from my friend wherein they are holding their funds to a certain exchange and after a month, it's gone and they can't recover anymore.

Well.. I am saying this out of my own experience. I have lost my coins after the exchanges got hacked. I used to store my Litecoins in Wex.nz, since I didn't had the desktop wallet installed in my laptop for LTC. And when Wex.nz went down, those coins vanished. Now there is no way to recover them, and I lost around $500 worth of coins as a result of that hack.

And when Cryptopia went down, I lost Cryptopia Loss Marker(CLM) tokens worth around $50. Fortunately, I had withdrawn my BTC from that exchange, when they had enabled them for a brief duration. Else I would have lost another $1,500 worth of coins. But many of the users failed to make use of this window and they lost whatever they stored in Cryptopia.

[Genemind]

Cryptocurrency's anonymity is an opportunity for scammers to fool people. It's something that we couldn't control but we can get rid of. I have been scammed before but I have learned from that experience. I have learned to be observant and skeptical in choosing projects and coins. It's just important that we'll do a series of investigation before joining any project or before investing in new altcoins.

[FlamingFingers]

"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.

Criminal activity through the use of digital currency is inevitable. There is saying money is the root of evil and it is true. I am sure that there are now many people who using digital currency to make illegal transactions.

with the availability of privacy coin also,  criminal activities cannot be easily curb in cryptocurrency space,  because it's highly impossible to trace such transactions on privacy coin,  that is why lots of criminal take the advantage of using crypto in committing crimes

[cutesgirl]

Weakness of bitcoin still every where and hacker could take the moment to stole many bitcoin and altcoin assets from investor and exchange, last years many exchange have stole their bitcoin and altcoin assets because hacker look easy to the weakness of bitcoin, last yearn almost crime in crypto have risen with many project are scammer with lower price and with many cases the owner have gone and never listed their coin on exchange market, we need change for next year crime in crypto have gone.

[Aying]

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.

[Betwrong]

~The reason why people rather criminals like to deal in crypto currencies or bitcoin is that they are anonymous which means it is not possible or too difficult to trace out the transactions made with crypto coins. Also, we cannot blame digital currencies for this because there are many people who use technology in good way and then there are those who commit awful acts of theft and robbery. Bitcoin and altcoins are the future.

Criminals still use Bitcoin only because of their ignorance. It's enough to read the news for the past couple of years to see how many of them were caught exactly because they were too confident that they were impossible to catch when using Tor and Bitcoin.

It is impossible to link a Bitcoin address to an individual, unless there are transactions to exchanges (where KYC is enabled) or there is a linkage to fiat currency. In 90% of the cases, the criminals were caught when they were trying to cash out their booty. Nowadays the conmen are not stupid enough to spend the stolen coins in exchanges and most of them go for mixers. But recently I heard that some of the stolen loot from the PLUS token scam was laundered using exchanges such as Huobi and OKEx.

As long as they stay away from fiat and exchanges, it is still very much impossible to catch these criminals. As I said, the problem occurs when they get impatient and tries to cash out.

But they are going to cash out sooner or later, aren't they? They also may try to buy something valuable, like a big house, with BTC and get caught because of that.

But actually I think there are more options of catching criminals using Bitcoin apart from those you mentioned. If it were so easy (just catching those who tried to cash out on an exchange with KYC), why would Europol’s European Cybercrime Centre sign an agreement with New York-Based Chainalysis Inc., who, by their own words, "aims to fight cyber crime by tracking digital identities linked to digital currencies"?

Source:
https://www.reuters.com/article/us-cyber-chainalysis-idUSKCN0VR27H

[uray]

last years many exchange have stole their bitcoin and altcoin assets because hacker look easy to the weakness of bitcoin

I think you have a misunderstand here about the bitcoin, there is no weakness in bitcoin, if these exchanges were hacked it is because of the security weakness of those exchanges and it has nothing to do with bitcoin and its protocol. Running an exchange is easy but to take care of the security you need to have a proper system and we have not seen that and hence we see many hacks in exchanges.

[GreenStox]

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.

[Sithara007]

last years many exchange have stole their bitcoin and altcoin assets because hacker look easy to the weakness of bitcoin

I think you have a misunderstand here about the bitcoin, there is no weakness in bitcoin, if these exchanges were hacked it is because of the security weakness of those exchanges and it has nothing to do with bitcoin and its protocol. Running an exchange is easy but to take care of the security you need to have a proper system and we have not seen that and hence we see many hacks in exchanges.

Well... I would agree with you there. There can always be excuses. But if there is some weakness with the Bitcoin algorithm, then it should be applicable to the hundreds of exchanges spread out across the globe. Why only some of the exchanges are hacked, and the others are safe? The answer is that in most of the cases, the hackers gained access as a result of the carelessness of the exchange owners. And in some cases, it was later proved that inside jobs were behind the robbery. To be fair, the digital nature of Bitcoin has made it easier to track the stolen coins. It would have been a different story altogether, if physical cash was stolen from a vault.

[JCviggen]

"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.

We should be aware the cryptocurrencies can be use in illegal transactions. Cryptocurrencies are now a mode of payment and it is a reality that there are people who use it in a bad way.

   Crypto has no connection with crime as you said some people use it but I think it’s their personal matter. People use it to buy goods and enjoy shopping with crypto I like to use it for different purpose like buying goods and property but till now I haven't seen such crime act done by crypto may be it's just a roamers because crypto is for our betterment only.

you're wrong. cryptocurrencies are very actively used to pay for all kinds of bad things in the dark market, but the fact is that the dollar is also actively involved in this, so it doesn’t matter that bitcoin is used for something bad.

[meliodas]

"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.

We should be aware the cryptocurrencies can be use in illegal transactions. Cryptocurrencies are now a mode of payment and it is a reality that there are people who use it in a bad way.

   Crypto has no connection with crime as you said some people use it but I think it’s their personal matter. People use it to buy goods and enjoy shopping with crypto I like to use it for different purpose like buying goods and property but till now I haven't seen such crime act done by crypto may be it's just a roamers because crypto is for our betterment only.

you're wrong. cryptocurrencies are very actively used to pay for all kinds of bad things in the dark market, but the fact is that the dollar is also actively involved in this, so it doesn’t matter that bitcoin is used for something bad.

It is normal for a currency to be used both in good and bad. We can't make a currency that can be used in good things only because that is not how our world works. We cannot remove those criminals from our ecosystem because bitcoin is anonymous and it is untraceable so the best thing that we could do is to focus on ourselves to become the best version. Don't focus on the things that you can control because it will make us stressed out.

[Lmaooo]

"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.

We should be aware the cryptocurrencies can be use in illegal transactions. Cryptocurrencies are now a mode of payment and it is a reality that there are people who use it in a bad way.

   Crypto has no connection with crime as you said some people use it but I think it’s their personal matter. People use it to buy goods and enjoy shopping with crypto I like to use it for different purpose like buying goods and property but till now I haven't seen such crime act done by crypto may be it's just a roamers because crypto is for our betterment only.

you're wrong. cryptocurrencies are very actively used to pay for all kinds of bad things in the dark market, but the fact is that the dollar is also actively involved in this, so it doesn’t matter that bitcoin is used for something bad.

It is normal for a currency to be used both in good and bad. We can't make a currency that can be used in good things only because that is not how our world works. We cannot remove those criminals from our ecosystem because bitcoin is anonymous and it is untraceable so the best thing that we could do is to focus on ourselves to become the best version. Don't focus on the things that you can control because it will make us stressed out.

Of course, the number of crimes involving cryptocurrency will increase because more people are joining the cryptocurrency community and the more people join the cryptocurrency the more crime you are going to get. People use cryptocurrency as like fiat money these days. there is nothing surprising about this report.  

[AjithBtc]

"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.

We should be aware the cryptocurrencies can be use in illegal transactions. Cryptocurrencies are now a mode of payment and it is a reality that there are people who use it in a bad way.

   Crypto has no connection with crime as you said some people use it but I think it’s their personal matter. People use it to buy goods and enjoy shopping with crypto I like to use it for different purpose like buying goods and property but till now I haven't seen such crime act done by crypto may be it's just a roamers because crypto is for our betterment only.

you're wrong. cryptocurrencies are very actively used to pay for all kinds of bad things in the dark market, but the fact is that the dollar is also actively involved in this, so it doesn’t matter that bitcoin is used for something bad.

It is normal for a currency to be used both in good and bad. We can't make a currency that can be used in good things only because that is not how our world works. We cannot remove those criminals from our ecosystem because bitcoin is anonymous and it is untraceable so the best thing that we could do is to focus on ourselves to become the best version. Don't focus on the things that you can control because it will make us stressed out.

Of course, the number of crimes involving cryptocurrency will increase because more people are joining the cryptocurrency community and the more people join the cryptocurrency the more crime you are going to get. People use cryptocurrency as like fiat money these days. there is nothing surprising about this report.  

Just on the increase of the usage there won't be increase in the crime happening around the world. These days wherever some crime takes place, by the time of investigation it is also enquired whether this has got something related to cryptocurrency usage. This has been misunderstood as, the crimes involving cryptocurrency have risen which is not true.

[cutesgirl]

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.

[haidil]

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.