Does Crypto Has Any Influences On The Growth Of Cybercrime?
Technology has the reputation for making activities in our lives so much easier, less stressful, faster and just making life more convenient. However, technology could be used wrongly, exploited, used to cause chaos and even bring destruction and crypto isn't exempted from this. With regards to cybercrime, there has been a growth in cybercrimes all around the world and one of the biggest reasons is that more people with criminal mindsets see crypto and the crypto space in general as a much easier route to carry out crimes and exploit victims in the cyberspace. For example, the most famous reputation of crypto particularly Bitcoin, even now is that it is the currency of the dark Web, a currency that would make movement of funds easy, untrackble and allowing the criminals stay anonymous. This is of course why more people easily carry out crimes in the crypto space because of how easy it is to get away with crimes there.
Also, crypto as a technology has been exploited by fraudsters, kidnappers, corrupt leaders and blackmailes around the world who use this tech as the best way to escape transactions from banks that could reveal their identities. This tech also seemed to have boosted their confidence in their crimes since there's no proof most times and most countries have no strict crypto laws to persecute anyone associated with crypto related crimes.
So how can crypto related cybercrimes be minimised?
I believe the government of most countries should recognise cryptos first and set laws to protect those investing in the space and those who have been exploited via cryptos. Also, more people should be educated about the risks associated with cryptos, how criminals exploit unsuspecting users of crypto and how to make,and how to stay safe with cryptos. Finally, more bodies and crypto firms should work together to ensure the safety of space, to track transactions by criminals and help bring justice to those exploited.