Russian darknet market Hydra emerged as the hotspot for illegal transactions within three years, earning $1.37 billion in cryptocurrency transactions.
As prices of cryptocurrencies continue to skyrocket, fraudulent cryptocurrency scams are on the rise. Twitter cryptocurrency scams impersonating celebrities or influencers are so popular with cryptocurrency thieves and hackers simply because they are so easy to pull off on a daily basis.
The South Korean government is set to implement mandatory KYC verification for cryptocurrency exchanges in March, but the new requirements may be in violation of existing privacy laws.
Behind all the discussions and the growing acceptance or rejection of cryptocurrencies, lies the same truth. Whatever the medium of exchange is, digital assets have to be secure and without trust, no other element is relevant.
Many are concerned about Facebook’s Libra cryptocurrency which allows the social media giant to not only know the details about its users’ social life but also their financial activities.
Crypto mining malware is now the weapon of choice for hackers worldwide. The skyrocketing prices of cryptocurrencies is driving the scale of cryptojacking attacks, and can mean very lucrative profits ranging from hundreds of dollars to twenty thousand dollars per month. Victims now include Tesla and the UK government.
As might be expected, the scale and scope of the latest Coinrail cyber heist has increased the call for new cryptocurrency regulations for both exchanges and trading, and could go a long way in maintaining investor faith in the modern financial system.
Facebook Libra cryptocurrency is facing strong pushback in Europe with concerns raised over the systemic risks to the global financial system and potential data privacy issues.
US law enforcement agencies make up the majority of the information requests and nearly all of the ‘three letter’ players are getting in on the action, from the FBI to the IRS.
US Authorities seized cryptocurrency worth $24 million in Operation Egypto, targeting an online fraud scheme that stole over $200 million from tens of thousands of Brazilian investors.