facebook

Menny Barzillay: Bitcoin (BTC) Is Strongest Driver Of Crime

Tarulika Jain by Tarulika Jain - 08:38 AM Feb 24, 2020
Menny Barzillay: Bitcoin (BTC) Is Strongest Driver Of Crime

Menny Barzillay, a cybersecurity expert believes Bitcoin allows criminals to exchange funds in a highly secure way, helping them bypass the law. Bitcoin is considered as one of the "Strongest Drivers" of crime as it allows us to send money through the online system in a similar way as that of cash transfer but with a lot more anonymity.

Darknet As The Accelerator Of Crime

The head of cybersecurity consulting at Herzog Strategic firm, Menny at the event of Tel Aviv University stated that the leading cryptocurrency is dangerous for investment. He further explained that like any other sector, the crime industry is innovating and improving its business models and becoming more sophisticated with the use of technology.

Cryptocurrency is getting popularity on the dark web, which has grown as an essential hub for criminal activity—darknet acts as the central market for purchasing the stolen information and goods, including the hacking tools. According to the latest data, criminals put almost $1billion on the stake in darknet markets in 2019 alone.

Potential Threats Of BTC

The blockchain technology, which is the base for the formation of Bitcoin has several vulnerabilities, which enhances the chances for cybercriminals. Various reports of online crimes through phishing and malware were also noticed, which made the cryptocurrency prone to cyber-attacks. Though the multiple exchanges claim their hot wallets as the safest place to park the private keys of the transactions, recent breaches of these wallets have become quite common, For instance: Trinity wallet of IOTA  Anonymity is one of the reasons for the popularity of Bitcoin, but unfortunately, criminals used this reason as the weapon to wipe off the money from the crypto investors' funds.

With the ever-increasing technological capabilities, hackers are discovering new ways to peep into data systems and make huge profits.

The fact cannot be denied that as the popularity of bitcoin increase, the new threats which exploit the bitcoin will also increase. Along with stricter enforcement of regulations, several efforts could be made to protect the Bitcoin industry.

About The Author
Tarulika Jain

Tarulika JainAn engineering graduate, focussing on latest trends of cryptocurrency. As an economic enthusiast, she likes to read about the changing economies of world.

Comments

Share On Social Media!

Enter Shared Link

Enter Shared Link

Enter Shared Link

Enter Shared Link

Enter Shared Link

  • Subscribe To Our Newsletter