- The cybersecurity of cryptocurrency has always been the biggest concern in the industry.
- In an interview with Forbes, the U.S. Cyber Policy Advisor, Jonah Force Hills has expressed his views over the increasing rate of financial cybercrimes during this pandemic.
- The Secret Service has also investigated and shut down the Western Express, a cryptocurrency exchange that was accused by the Manhattan District Attorney’s Office.
The cybersecurity of cryptocurrency has always been the biggest concern in the industry. From phishing attacks to money laundering, cryptocurrency has sometimes proved to be a major fraud and victimized innocent users. However, we cannot just simply deny that despite all the security loopholes, digital assets provide us some cut edge futures and potentially could withhold the future of the fiat currencies. Furthermore, during this Covid-19 pandemic, the rate of cybersecurity crimes and malicious activities over the Blockchain networks have increased.
Estimated 1.1% of Overall Frauds Involve Cryptocurrency
In an interview with Forbes, the U.S. Cyber Policy Advisor, Jonah Force Hills has expressed his views over the increasing rate of financial cybercrimes during this pandemic in the United States. Hill briefed about his job in the U.S. Secret Service. It’s a lot more than just safeguarding the U.S. President. As the U.S. Secret Service Policy Advisor, Hills has to overlook all the felonies conducted against the U.S. government, which mainly included phishing activities, hacks, and crypto money laundering. Further, he has to investigate the crimes.
A 2019 report by Chainalysis, a Blockchain analysis agency, summarizes nearly about 1.1% of all the criminal activities involve cryptocurrency. However, yet again, Hills emphasized that the data strictly estimated, and the actual number may be a lot more than that.
Investigations On Cryptocurrency-Related Cases based on Three Criteria
Hills further went on to explain that there are certain criteria required to investigate criminal cases related to cryptocurrency. Firstly, when the cryptocurrency hampers and directly affects the financial and payment systems of the country. Secondly, when used for fraudulent cases. And lastly, when the cryptocurrency used for money laundering.
U.S. Secret Services Have Already Investigated And Shut Down Many Illicit Organizations
The U.S. Secret Service has encountered several cryptocurrency-related criminal cases in the past. In 2007 they shut down e-Gold Ltd, and then again, in 2013, they shut down Liberty Reserves after investigations. Both the digital assets company caught promoting money laundering and other criminal activities. The Secret Service has also investigated and shut down the Western Express, a cryptocurrency exchange accused by the Manhattan District Attorney’s Office. Hills had further clarified that crypto issues aren’t a different sector in the widespread frauds.
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