Dark Reading is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Comments
Cryptocurrency Theft Drives 3x Increase in Money Laundering
Newest First  |  Oldest First  |  Threaded View
seanmajece
seanmajece,
User Rank: Apprentice
8/2/2018 | 5:48:14 AM
My opinion
I've earned a lot of money because of my crypto currency. So I recommedn you to pay attention on it. 
RetiredUser
RetiredUser,
User Rank: Ninja
7/8/2018 | 12:15:22 AM
Theft Utilizing Cryptocurrency or Cryptocurrency Theft?
Ross Anderson, Ilia Shumailov and Mansoor Ahmed of the Cambridge University Computer Laboratory wrote a great paper titled "Making Bitcoin Legal". It discusses how "the law might actually regulate bitcoin and other cryptocurrencies so as to provide the benefits, ranging from low-cost international money transfers and decentralised resilient operation to competitive innovation, while mitigating the harms specifically the use of cryptocurrencies in extortion, money laundering and other crimes, and the difficulty that crime victims experience in getting redress." It also illustrates that the "characteristics of a payment protocol can depend much more sensitively than one might expect on the surrounding context."

Having just read that paper it called to mind while reading this article on Dark Reading the importance of clearly defining the difference between "cryptocurrency theft" and "theft utilizing cryptocurrency". This speaks to the "surrounding context" noted in the Cambridge paper. The reason drawing this distinction is important is that the value of and the long-term stability of cryptocurrency "may" depend on percentages of coin that are considered "clean". While laundering stolen goods and stolen cryptocurrency through legal transactions is on the rise, there is a difference between weighing the validity of clean coins used in illegal transactions (selling stolen goods) and coin "made clean" through "laundering" stolen cryptocurrency. There are algorithms out there, by the way, to track cryptocurrency through the blockchain, so stolen coin assets are very traceable.

Regardless, this article notes some important facts but to someone not knowledgeable in the basics of cryptocurrency, there might be some confusion as to where in the crime the cryptocurrency sits, and to what extent the coin used in the crime is clean or dirty. Also, it is important to note that just because some cybercriminals are more sophisticated than newer ones who "leave tracks all over the place", it doesn't mean the tech behind cryptocurrency changes; again, coin can be traced and no matter how deep the laundering or the transaction hops, reaching back to the source can still be accomplished. It's all a matter of time in some cases. Regulation seeks to draw clear distinctions and in Europe there are strides that America needs to catch up on and start looking to implement.

Great article - we need more discussion in this area and in plain language that makes the cryptocurrency ecosystem easy to understand to the layperson.     

 


Edge-DRsplash-10-edge-articles
I Smell a RAT! New Cybersecurity Threats for the Crypto Industry
David Trepp, Partner, IT Assurance with accounting and advisory firm BPM LLP,  7/9/2021
News
Attacks on Kaseya Servers Led to Ransomware in Less Than 2 Hours
Robert Lemos, Contributing Writer,  7/7/2021
Commentary
It's in the Game (but It Shouldn't Be)
Tal Memran, Cybersecurity Expert, CYE,  7/9/2021
Register for Dark Reading Newsletters
White Papers
Video
Cartoon
Current Issue
Incorporating a Prevention Mindset into Threat Detection and Response
Threat detection and response systems, by definition, are reactive because they have to wait for damage to be done before finding the attack. With a prevention-mindset, security teams can proactively anticipate the attacker's next move, rather than reacting to specific threats or trying to detect the latest techniques in real-time. The report covers areas enterprises should focus on: What positive response looks like. Improving security hygiene. Combining preventive actions with red team efforts.
Flash Poll
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2022-25878
PUBLISHED: 2022-05-27
The package protobufjs before 6.11.3 are vulnerable to Prototype Pollution which can allow an attacker to add/modify properties of the Object.prototype. This vulnerability can occur in multiple ways: 1. by providing untrusted user input to util.setProperty or to ReflectionObject.setParsedOption ...
CVE-2021-27780
PUBLISHED: 2022-05-27
The software may be vulnerable to both Un-Auth XML interaction and unauthenticated device enrollment.
CVE-2021-27781
PUBLISHED: 2022-05-27
The Master operator may be able to embed script tag in HTML with alert pop-up display cookie.
CVE-2022-1897
PUBLISHED: 2022-05-27
Out-of-bounds Write in GitHub repository vim/vim prior to 8.2.
CVE-2022-20666
PUBLISHED: 2022-05-27
Multiple vulnerabilities in the web-based management interface of Cisco Common Services Platform Collector (CSPC) Software could allow an unauthenticated, remote attacker to conduct a cross-site scripting (XSS) attack against a user of the interface. These vulnerabilities are due to insufficient va...