Bitcoin still currency of choice for cybercriminals: Europol Report

Europol, the premier law enforcement agency of the European Union, recently released a report, which shed light on the increasing number of crypto-related hacks, extortion of data and rampant malicious malware. The report, titled “Internet Organised Crime Threat Assessment 2018”, was published on Wednesday. One of the main topics discussed in the report was the use of cryptocurrencies by cybercriminals to fund their operations. “Currency exchangers, mining services and other wallet holders are facing hacking attempts as well as extortion of personal data and theft. Money launderers have evolved to use cryptocurrencies in their operations and are increasingly facilitated by new developments such as decentralized exchanges which allow exchanges without any Know Your Customer requirements,” the report stated. Crypto-jacking, which refers to crypto mining done by hijacking internet users’ bandwidth, was highlighted, with the report stating that it could “cripple a victims’ system by monopolizing their processing power.” On account of the increasing use of cryptocurrencies in illicit platforms such as the Darknet, the report emphasized that “cooperation between law enforcement agencies, private industry, the financial sector, and academia is a key element of this success.” The previous year saw three of the largest Darknet markets - AlphaBay, Hansa and RAMP - close down due to the actions of law enforcement agencies. There has been a noticeable migration from Bitcoin to Zcash and Monero as a method of financing these illegal activities. The main reason behind this migration is the enhanced privacy protection features in these altcoins. However, the report said that BTC is still “the primary cryptocurrency encountered by law enforcement.” Terror funding also remains a key concern for law enforcement agencies, since terror groups have been trying to raise funds through this means. “The use of cryptocurrency by terrorist groups has only involved low-level transactions, their main funding still stems from conventional banking and money remittance services”, stated the report. Instances of malicious crypto-mining attacks surged 956 percent surge from June last year to June 2018 this year. “Cryptomining malware is expected to become a regular, low-risk revenue stream for cybercriminals,” the report concluded. See also: Dark Web’s Silk Road Bitcoin Wallet valued at over $800 million activates after 4 years See also: Crypto-Terrorism: A not-so-distant possibility Image via Shutterstock Join our Telegram group