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Unfiltered

Criminals and Cryptocurrency: It’s a Match Made in Heaven

Ever since cryptocurrency has started growing, there seems to be an apparent increase in criminal activity. And though, blockchain promises to be more secure and transparent but there are people who are always going to find a way to manipulate it and there’s nothing you can do about it. There are some features when we first read them, sounded like great news but we knew that they could be exploited as well.

Anonymity

This was right there, without any guesses, most people knew that this would entail. Half of the time people don’t commit something bad is because of the fear of being caught and as much as people like the thrill of it, nobody, literally nobody wants to end up behind bars. The crime puts too much at stake.

But with this, people have a free pass. No one knows who you are and though some cryptocurrencies are traceable, if you have done your research then you know some will let you reign free.

It’s not all bad news, to be honest, because there are few things that the state doesn’t deem legal or appropriate because of culture or the image it has. For e.g., buying drugs is criminal activity but boy, we’re just tryna have some fun. Hence, blockchain becomes very useful for them. Or, even porn viewership is banned in some countries and being anonymous really helps you get that pleasure burning.

No authorities

Another thing that sounds like a piece of great news but can be dangerous if it gets out of hands. As we all know that the government has no intervention in this. It’s not regulated by it which gives people a free pass to do whatever they want to. Basically, the government is the one that tells you what’s permissible and what isn’t but if they have no part in this then whose to keep you in check, buddy?

But there’s no reason to believe that the authorities can’t catch up with you. So, don’t go hiring hitmen to kill people off and try not to launder money either. Even if the state has no direct control but people can always turn to them in case you do some funny business with their money.

Dark web

As you’re all aware that dark web has existed for a very long time. A lot of internet peeps might not know about it but there has been some really shady business going on the internet for a really long time now. It was all there before the advent of blockchain technology and the likes of it. But blockchain has helped it grow because of its anonymity perks and no influence of authorities.

Not only this but in some cases, it’s also damaging for the cryptocurrencies as well because when hacks of high magnitude occur then cybercriminals turn to the dark web as a place to dispose of their proceeds. This enables them to quickly concede their activity before getting caught.

But if you’re a hacker and are looking ways to rob off money from people, no matter what your reasons are, then you know the dark web is that place to go – don’t tell anyone you heard it from us!

Anyway, it seems like a great place to operate in for criminals, but just a heads up, it’s not compulsory that you’ll get away with it each time. You might get lucky once or twice but sooner or later, it will catch up on you. Authorities have no direct control but can get involved if need be.

There have been times when the market has been traced and shut down, like the Silk Road, which was seized by the US authorities and the Federal Bureau was able to confiscate thousands of Bitcoins. So don’t go off robbing people after this because we did warn you!

Soha Ali

As vanilla as it sounds, a filmmaker in the making. Soha brings the irony out of the crypto world by contributing to the Unfiltered section of BlockPublisher. Contact the editor at editor.unfiltered@blockpublisher.com

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