Crypto can be used in criminal activities

[Alexandoy]

In the news today, the US Justice Department said that they had recovered Bitcoins worth $2.3 million as ransom paid by Colonial Pipeline Co. The amount was the ransom demanded by the hackers of the pipeline’s website to make it easier in getting the money instead of cash. Unfortunately the ploy exploded on their face.

Criminals may have thought that a ransom paid in Bitcoin is safe but the FBI was able to trace the ransom in the digital wallet. Now there is a warning to big corporations to be vigilant on the hacking of their systems which can result in another ransom incident. The ransomware is a software that can lock the computer’s hard drive which would force the company to pay the ransom in Bitcoin.

 

[Kelvinmarvin]

Actually yes, crypto can be used for criminal activities because as it stands now so many fraudsters and hackers has been using Bitcoin in particular to scam and fraudster so many people in this world most especially the foreigners that so much believe in Bitcoin investment in order to earn a higher amount in return

 

[Mika]

I sometimes receive spam messages that say "I have a video of you doing naughty things, pay me X amount of bitcoin and I will delete your video." While this is just a trick (not a ransom or blackmailing), but a lot of illegal things is happening with bitcoin and cryto currency, that's the reason why the government is very suspicious about cryptos.

 

[Augusta]

Criminals have been having a field day because they could get away duping people with bitcoin and without being traced. I like it now that somehow it is possible to track them down now. I hope when they get caught they will heavily dealt with. Others need to learn from this

 

[arunima25]

Governments across the globe have always feared that crypto currency can be used for illegal activities and transactions. As they don't come under the direct scanner of government and can go unnoticed by the government and tax agency. It is sad that people have used these crypto currencies to do criminal activities. These kind of news might badly affect the reputation of crypto market which is already going through a plunge.

 

[sincerem]

I understand that scam run through crypto, but if the govt looks into it just as U.S FBI looked into it, and funds that could've diverted to something where recovered. Crypto isn't anonymous as criminals thought. Things can still be track as much as it is kept decentralized. Those cyber experienced personnel can use softwares/hard ware that is sensitive enough to trace the transaction and fetch the culprits.

 

[Alexandoy]

Yesterday the CEO of Colonial Pipeline was questioned by CNN reporter Julia Chatterley why they did not report the hacking of their site and kept secret the ransom payment. Fortunately the FBI was able to recover the ransom money at the end of the line. There was a transfer from wallet to wallet and the end of the line means the totality of the money assimilated in one digital wallet that the FBI had tracked.

 

[sincerem]

Yesterday the CEO of Colonial Pipeline was questioned by CNN reporter Julia Chatterley why they did not report the hacking of their site and kept secret the ransom payment. Fortunately the FBI was able to recover the ransom money at the end of the line. There was a transfer from wallet to wallet and the end of the line means the totality of the money assimilated in one digital wallet that the FBI had tracked.

No doubt FBI did a wonderful work there to recover those funds anonymously sent to the wrong people who took the money as ransom sacrifice for their own fraudulent activity. Maybe the Colonial pipeline CEO was very afraid for what the criminals said to him if he expose their deal. That's what I'm suspecting, that kept him quiet.

 

[Mika]

A lo of common people, finance experts and governments believe that crypto currencies are used to fund criminal activities. Sometimes I feel that this is wrong logic. America suffered terrorist attacks in 2001, even bitcoin, the first cryptocurrency was not created. yet, terrorists were able to fund their activities through fiat currency.

 

[sincerem]

A lo of common people, finance experts and governments believe that crypto currencies are used to fund criminal activities. Sometimes I feel that this is wrong logic. America suffered terrorist attacks in 2001, even bitcoin, the first cryptocurrency was not created. yet, terrorists were able to fund their activities through fiat currency.

Okay, i know BTC or any other crypto is not home for criminals to use for their criminal activities on earth. Their is nowhere criminals doesn't exist, they're everywhere looking for the slightest opportunity to conduct their fraudulent activities and cause panic in the digital or physical world. I believe, that's why most exchange sites deploy KYC verification process in order to curtail down fraud via the exchanger.

 

[Sammyesx]

That is one of the downside of crypto currencies, the fact that it is untraceable make a good system of payment for criminals, but nonetheless without the crypto currencies these criminals will still look for other way to make transactions like they have been doing before the crypto came to be.

 

[Sotherefore]

Wow this is the first time I'm hearing that this could actually happen because I always believe that any transaction that is done in the crypto system is encrypted and as a result they cannot be recorded or track, but how come the FBI have been able to track and record a transaction that was going on in the blockchain technology ?