Raising Awareness About the Increased Threat of the Criminal and Terrorist Use of Cryptocurrencies
Raising Awareness About the Increased Threat of the Criminal and Terrorist Use of Cryptocurrencies

Author(s): Nicolò Miotto
Subject(s): Criminal Law, Security and defense, Criminology, ICT Information and Communications Technologies
Published by: Centar za Sigurnosne Studije
Keywords: crime; criminal law; terrorism; crypto; cryptocurrencies; awareness;
Summary/Abstract: Criminal and terrorist organisations are increasingly using cryptocurrencies, thus leading to emerging threats in the cyberspace. Money-laundering, tax evasion, ransomware extortion, trading in illicit goods and services, purchasing of child sexual abuse material and terrorist financing are concerning criminal and terrorist activities involving the use of cryptocurrencies. Bitcoin and Monero are the most used cryptocurrencies among both criminals and terrorists, however other cryptocurrencies such as Litecoin, Dash and Ethereum are being growingly used in criminal and terrorist financial activities. The anonymity/pseudo-anonymity and security characterising cryptocurrencies can challenge law enforcement investigative efforts aimed at countering criminal and terrorist activities. There has not been a widespread adoption of cryptocurrencies by terrorist and criminals yet, however this is likely to change in the next future.

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