The leading cryptocurrency of bitcoin is still the dark webs go-to form of money according to a report on cybercrime. The report European law enforcement agency, Europol published their findings last week which revealed a move towards more privacy-related cryptocurrencies which have been found.
Dubbed as the 'Internet Organised Crime Threat Assessment 2019', the report states that bitcoin was still the most used currency on the underbelly of the internet. However, the authors of the paper say that the shift towards these so-called privacy coins like Monero, Dash and Zcash, could continue as criminals to become more aware of security.
Europol has estimated that around a billion dollars have been spent on the dark web so far in 2019 alone. This money is typically spent on phishing attacks, ransomware, malware and any other illicit activity you can get your head around. $1 billion has been spent already this year and it’s only October…
The report recommended that law enforcement agencies and the judiciary must continue to "develop, share and propagate knowledge on how to recognise, track, trace, seize and recover cryptocurrency assets. Law enforcement must continue to build trust-based relationships with cryptocurrency-related businesses, academia, and other relevant private sector entities, to more effectively tackle issues posed by cryptocurrencies during investigations.”
Cryptocurrency has long had an issue with the dark web and cybercrimes. The whole Silk Road fiasco is just one lane on the story which we won’t get into just yet because believe it or not, it’s a long one!
For bitcoin and cryptocurrency to truly get adopted by the mainstream, the dark web situation needs to be fixed however, some would argue that it’s too far gone at this point...
It will be interesting to see how this plays out though nevertheless. For more news on this and other crypto updates, keep it with CryptoDaily!