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Cryptocurrency Theft Drives 3x Increase in Money Laundering
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RetiredUser
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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.     

 
seanmajece
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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. 


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