Bitcoin fraud could increase after COVID-19 pandemic

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Post-COVID-19 disease outbreak economy could see some economies collapse and local currencies falling rapidly, rendering bitcoin fraud much more appealing, according to a new study. The report, entitled  ‘Cyberthreats to financial organizations in 2021,’  was released by Kaspersky’s Cyberthreat Research Team. In the document, the writers anticipate more theft, affecting mostly BTC, due to the success of this digital currency. 

As per the Securelist squad, there may be a spike in Bitcoin-related crimes. They claim that the coronavirus epidemic is expected to cause a huge increase in poverty rate. This will invariably results in more people acting for crime, particularly cybercrime. According to the document:

“We might see certain economies crashing and local currencies plummeting, which would make Bitcoin theft a lot more attractive. We should expect more fraud, targeting mostly BTC, due to this cryptocurrency being the most popular one.”

Two Canadian Nationals Face Two Years in US Prison for Alleged Bitcoin Fraud  | Blockchain News

Research teams also argued that malicious hackers might turn to other privacy-enhanced cryptocurrencies, for example, Monero (XMR).  (XMR).(XMR). They assumed that offenders could utilize these first as a transfer currency and then transform the assets to some other cryptocurrency of choosing, like the BTC. The researchers assumed that this transition would occur as a result of the growing technological ability to supervise, deanonymize and seize BTCs. 

Malicious people are using Bitcoin to fund their activities at a rising pace. In reality, in August of this year 2020, the US Department of Justice (DOJ) confiscated more than 300 crypto profiles connected or run by 3 infamous terrorist organization. U.S. law enforcement officials tracked the proceeds to the Bitcoin cryptocurrency accounts and witnessed millions of dollars worth of payments from fundraising efforts and secret contributions culminating in wallets.

Ultimately, the US officials were able to seize over 300 bitcoin funds, 4 sites and 4 Facebook profiles all connected to the illegal organization.

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