1. Raising awareness about the increased threat of the criminal and terrorist use of cryptocurrencies
- Author:
- Nicolo Miotto
- Publication Date:
- 04-2022
- Content Type:
- Working Paper
- Institution:
- The Centre for Security Studies
- Abstract:
- Criminal and terrorist organisations are increasingly using cryptocurrencies, thus leading to emerging threats in the cyberspace. Money-laundering, tax evasion, ransomware extortion, trading in illicit goods and services, purchasing of child sexual abuse material and terrorist financing are concerning criminal and terrorist activities involving the use of cryptocurrencies. Bitcoin and Monero are the most used cryptocurrencies among both criminals and terrorists, however other cryptocurrencies such as Litecoin, Dash and Ethereum are being growingly used in criminal and terrorist financial activities. The anonymity/pseudo-anonymity and security characterising cryptocurrencies can challenge law enforcement investigative efforts aimed at countering criminal and terrorist activities. There has not been a widespread adoption of cryptocurrencies by terrorist and criminals yet, however this is likely to change in the next future.
- Topic:
- Security, Crime, Terrorism, Counter-terrorism, Cryptocurrencies, and Illicit Financial Flows
- Political Geography:
- Global Focus