Cryptocurrencies: why are they so used by cybercrime?

It is important to understand the origin of cryptocurrencies before we talk about their connection to cybercrime.

8Cryptocurrencies were created by people who have no criminal ideal, on the contrary, they are privacy activists who believe that all human beings have this right.

The idea is that, instead of placing our trust in governments, central banks or financial institutions for activities such as value maintenance, storage and transfer, this trust is guided by mathematical mechanisms that enable decentralization and, consequently, risk mitigation and valuing privacy.

The world of cybercrime is widely recognized for some practices that terrorize people and companies, such as attacks on databases, theft and hijacking of information by malicious software, etc. Naturally, like any criminal, they look after privacy due to the illicit nature of their activities and for this reason they resort to cryptocurrencies, distorting and denigrating their real purpose.

The Juniper Network Engineer focusses in support for Juniper network architecture, involved in implementing and providing technical support for networking topologies such as LAN, WAN as well as client internet applications.

In fact, these types of actions were - and still are - widely used to obtain advantages over the victims, however, new practices are emerging, mainly with regard to the monetization of these crimes. The use of cryptocurrencies (something that is in vogue in the digital universe and in the sphere of financial investments) is becoming something common in cybercrimes given their transactional characteristics, which facilitate the obtaining of values ​​by gangs. Cryptocurrencies are considered a kind of “virtual money” that uses cryptography to secure transactions made on the internet. There are different types of virtual currencies, with Bitcoin being the best known.