google-site-verification: google30a059f9a075f398.html

Criminal Underworld May Replace Bitcoin with Other Currencies

CyberWisdom Commentary:

Bloomberg reported that because of Bitcoin rises, so too are other cryptocurrencies such as monero, ethereum and Zcash are gaining popularity and maybe a replacement for Bitcoin.

“As a community, we certainly don’t advocate for monero’s use by criminals,” Spagni said. “At the same time, if you have a decentralized currency, it’s not like you can prevent someone from using it. I imagine that monero provides massive advantages for criminals over bitcoin, so they would use monero.”

read on…

Criminal underworld is dropping Bitcoin for another currency

https://www.iol.co.za/business-report/international/criminal-underworld-is-dropping-bitcoin-for-another-currency-12607719International / 6 January 2018, 09:00am / Olga Kharif #MH370: South Africa holds key information Countries that could go bankrupt in 2018 Girl, 2, dies after being found in Joburg complex pool with sister, 5 Zuma’s #FreeEducation announcement an 11th-hour master stroke Elderly man killed by crocodiles during picnic in Zimbabwe Sign up to receive our weekly edition of Business Report in your inbox…. Criminal underworld is dropping Bitcoin for another currency

 

and

Photographer: Chris Ratcliffe/Bloomberg Bitcoin is losing its luster with some of its earliest and most avid fans — criminals — giving rise to a new breed of virtual currency. Privacy coins such as monero, designed to avoid tracking, have climbed faster over the past two months as law enforcers adopt software tools to monitor people using bitcoin. A slew of analytic firms such as Chainalysis are getting better at flagging digital hoards

linked to crime or money laundering, alerting exchanges and preventing conversion into traditional cash. The European Union’s law-enforcement agency, Europol, raised alarms three months ago, writing in a report that “other cryptocurrencies such as monero, ethereum and Zcash are gaining popularity within the digital underground.” Online extortionists, who use ransomware to lock victims’ computers until they fork over a payment, have begun demanding those currencies instead. On Dec. 18 hackers attacked up to 190,000 WordPress sites per hour to get them to produce monero, according to security company Wordfence. Engaging post, Read More…

thumbnail courtesy of bloomberg.com

Add a Comment

Your email address will not be published. Required fields are marked *