Crypto Why is crypto currency the favorite of criminals?

[Alexandoy]

A digital finance platform admitted that hackers were able to steal Ethereum, BinanceChain and OxPolygon from their safe. Poly Network tweeted that the stolen crypto currency is owned by the people. There is a threat that Poly Network would resort to the police if the hackers will not return the loot.

For a last resort, Poly Network published the addresses used by hackers to be blocked by exchange centers so the stolen crypto coins will not be traded. It is now apparent that hacking crypto currency is big business for hackers with the estimated $432 million lost last April to hackers and fraudsters. The crypto currency industry has no regulations by the government and their only protection is their own system which is now the target of hackers.

 

[Sherman198]

I concur the criminals chose crypto currencies as their means of hiding the money they stole cos it is hard to trace crypto currencies, though not all crypto currencies but there are few that can not be really traceable. It's easier for criminals to commit crimes with it, that is why they use it.

 

[btaliat]

Cryptocurrency is not the only means of making transactions as may be inferred from your post. In fact, before crypto, there are ways criminals perpetrate their evil ways but crypto has been their favorite because its transaction can not be traced. It is even impossible to know who send you coins.

 

[Bookwormlux]

Crypto Currencies are preferred by criminals Sue to the obvious reason of them not being regulated and also they are Hardline easy to trace. This is why criminals always resort to using it. Even in countries where they have been banned, criminals still make use of peer to peer market place

 

[Mika]

Crypto currency is a community drive project, therefore, it does not have a central authority. Crypto exchanges and wallets get hacked but so do the banks. In fact, there is vulnerability everywhere, not just in the crypt currency world. There are scams in government projects as well. There is no absolute protection.