Cybercrime’s Cryptocurrency Gold Rush: Going Strong!

What’s the connection between cybercrime and cryptocurrencies? Perhaps it would suffice to say that the reasons for criminals adopting the cryptocoin are quite obvious. But when did this all start, and what fuels it and gets fueled in return? This blog will go over some of the historical reasons that connect cybercrime and cryptocurrency as well as examine the possible consequences of that connection.

Cybercrime’s Favorites Before Crypto

Cybercriminals and anonymized payment methods always kept a close relationship for obvious reasons. One of the most lucrative aspects of online crime is the ability to conceal one’s identity, and using cryptographic currencies is part of that overall scheme.

Historically, the connection between cybercrime and cryptocoins was not always the default. In the years before the Dark Web emerged, when fraudsters mostly congregated on IRC channels and in underground forums, that relationship was backed up by other means. From prepaid payment cards to alternative goods, such as stored value cards or even loyalty points and air miles, fraudsters flocked to platforms that allowed users to identify themselves only by digital means, without demanding any solid proof of identity or verifying it, for that matter.

Over the years, these platforms gradually became less lucrative to the cybercrime crowd because of two major reasons… Read the rest of this post here.