Bitcoins Usage By Cybercriminals – Evolution And Current Mitigating Approaches

Abstract

Bitcoins Usage By Cybercriminals – Evolution And Current Mitigating Approaches Daniel Tibina Apuri Digital Forensics & Cyber Security Graduate Programme Department Of Information Systems & Innovations Ghana Institute of Management & Public Administration Greenhill, Accra, Ghana E-mail: dapuri@gimpa.edu.gh Phone: +233205967243 ABSTRACT The issue of security is one of the most pressing concerns about the emergence and adoption of cryptocurrencies. There is currently a serious concern regarding the security of blockchain technology. Although cryptocurrencies offer a high level of network security by keeping transactions anonymous, it also raises the possibility of bitcoin being used for illegal reasons. Furthermore, the technology that underpins the operation of a cryptocurrency, like any other information system, is vulnerable to many forms of attacks. A connection where bitcoin is traded for traditional money is a weak spot in the cryptocurrency circulation chain. Because this occurs on newly unregulated exchanges, they are frequently targeted by hackers. Other dangers exist in the bitcoin industry. For example, with the fast appearance of new cryptocurrency exchanges, determining their previous performance and just hoping for their dependability becomes challenging. There are "grey" stock exchanges, which can halt operations at any time after withdrawing assets. The potential of a cryptocurrency to launder money or support terrorists is the most serious security concern for many nations. To combat money laundering, the Japanese government, finance ministers, and chiefs of central banks in France and Germany have proposed making cryptocurrency regulation international. The IMF also believes that worldwide regulatory oversight of the digital currency sector is required. Keywords: Cryptocurrencies, Blockchain, Security, Transaction, Distributed, Network, Encryption, Privacy, Regulations, Decentralised, Dark Web BOOK Chapter ǀ Research Nexus in IT, Law, Cyber Security & Forensics. Open Access. Distributed Free Citation: Daniel Tibina Apuri (2022): ): Bitcoins Usage By Cybercriminals – Evolution And Current Mitigating Approaches Book Chapter Series on Research Nexus in IT, Law, Cyber Security & Forensics. Pp 251-258 www.isteams.net/ITlawbookchapter2022. dx.doi.org/10.22624/AIMS/CRP-BK3-P40