In today’s modern era, cybercrime exists in different forms, whether it is ransomware or an email scam. In recent months, cryptocurrency has expanded worldwide. It is used very frequently and its average use has increased to the point every other person is investing in this volatile asset.
Cryptocurrencies, such as Bitcoin, Ripple, Enthereum, Monero, Bitcoin Cash, and many others, are very familiar on a global level. With the increased usage of cryptocurrencies, different cybercrimes are at rise as well. Money brokers got a new way to get the money. In recent years, cryptocurrency has become a huge source for criminals to launder money.
Money laundering in an illicit way has harmed the globally involved cyber currencies. However, with the recent increase in money laundering the government has also called out a proper plan for anti-money laundering.
What Gives Rise to Cybercriminals in Money Laundering?
It has been observed that cryptocurrency online platforms such as the bitcoinformula.net have low regulations of online security. In simple words, the money transactions are not monitored closely. We can only use this feature on an online platform and not in front of us.
We don’t know what is going on in the online systems, therefore the money launderers get more chances to trap money. The rise in the cybercrimes such as money laundering from cryptocurrencies is due to non-strict rules and regulations. One can launder millions of money without getting trapped as cryptocurrency is not regulated by any government authority.
Cryptocurrency platforms do not need any real name or credentials, many criminals find an easy way to get rich just by trapping handsome amounts from cryptocurrencies. They just launder the money by staying anonymous. Now, with the ever-growing popularity of cryptocurrency, criminals are buying and selling the money on different cryptocurrency platforms in an illicit way.
In this kind of crime, not only the person suffers who is getting trapped but the bank also struggles. With the rise of advancement in technology, money laundering is getting more multiplexed. The criminals have adopted such technical ways to launder money that it becomes very difficult to get an eye on the loss.
What Measures Can Stop Money laundering in Cryptocurrency?
It is necessary to eradicate cybercrimes from cryptocurrencies so that we can prevent the losses and traumas happening due to illicit transactions. The key to de-anonymizing various cybercriminals can be done by various crypto analytics.
Here are some measures which should be taken to achieve an illicit-transaction free cryptocurrency environment:
- Identifying the Suspicious Transactions
In cybercrimes, the most common observation is that most cyber criminals are involved in anonymous and suspicious transactions. So if you want to keep your assets safe from getting lost, it is necessary to identify suspicious and illicit transactions.
- Following the Illicit Money Chain
As soon as you become aware that someone has stolen your money, try to navigate and follow the money which is used for illegal and suspicious transactions. Doing this trick will help you to get information about ransomware or the money launder.
- Exposing the Identities
In cybercrimes, most of the money launders or cash brokers are anonymous and suspicious. We lose a lot of money without getting to know about the criminals. So, it is important to identify the suspicious one.
- Tracking the Blockchain Activities
Tracking the various suspicious activities on the blockchain is an important factor. In identifying cybercrimes and money laundering, blockchain and blockchain activities play an important role. So if you aren’t getting into the money launder, keeping an eye on the blockchain activities will be beneficial.
Crime exists in almost everything in the world but it has a higher rate in cryptocurrency as it isn’t being regulated by any authority. Now, if you want to eradicate this black side of cryptocurrency, it is necessary to do all the safety measures so you will have a safer cryptocurrency environment.