The Impact of Crypto: Boosting Cyber Crime
The rise and impact of crypto is one of the biggest breakthroughs when we talk about financial freedom and financial privacy. It has helped youth find a better source of income and investment like buying and selling cryptocurrencies, hunting airdrops, and minting NFTs etc.
However, just as cryptocurrencies have brought different opportunities into the financial world there’s the fact that they also brought a dark side along with it also and one of them is providing a thriving ground for different malicious activities for cyber criminals, individuals, and organisations. Some activities that thrive in the space of crypto are money laundering, and payment of contraband goods with it, and it's also a good method of carrying out other activities without revealing your identity and that’s thanks to the anonymity provided by crypto.
Also, due to the impact of crypto and how people are moving their assets and wealth to it, it has made it a hunting ground for cybercriminals and despite the security measures put in place on the blockchain, they have developed different methods in which they can carry out their activities, like rug pull, creating similar or identical platforms, phishing links, fake airdrops and they can also gain access if the crypto exchange has a poor security measure.
However, there’s no denying the fact that crypto has done more good than harm and it’s not entirely for a fact that crypto increased the rate of cybercrime because the nature of humans remain greedy. But we can note that it became one of the major tools used for criminal activities in this modern age. So, what is important is how we can counter, monitor, and make security tighter.
In summary, what we can say is that crypto brought financial freedom with lots of benefits and it has also brought financial insecurity in the sense that as we push to store our assets in the digital currency and in the digital world it has made it attractive to cybercriminals to hunt it. Personally, I feel the major way to counter it is by implementing a special agency that monitors, tracks and combats cybercrimes.
Posted Using LeoFinance Alpha