Abstract
The aim of the article is to show cryptocurrencies as facilitators of crime, especially cybercrime. While investing in cryptocurrencies is publicly discussed, their role in the criminal world is more hidden from the public, however, causes a lot of problems for law enforcement and regulatory authorities around the world. Criminals are interested in cryptocurrencies as targets for of their attacks, means of payment and as a method of money laundering. In this article, we discuss why cryptocurrencies have become a means of payment for the criminal underworld, what benefits they have from them, and what major challenges law enforcement is facing in that regard. The survey was conducted based on reports from authorities involved in the prosecution of cybercrime. We can conclude that the organized criminal underworld has a strong interest in cryptocurrencies and their popularity among ordinary, honest citizens, as in this way it is much easier for the criminals to conceal their activities and the origin of their assets.
Highlights
There are a myriad questions and unknowns regarding cryptocurrencies
We conclude that the organized criminal underworld is strongly interested in cryptocurrencies and their popularity among ordinary, honest citizens, as in this way they can much more conceal their criminal activities and the origin of their assets
Intermediaries are legally obliged to report any suspicious transactions to the regulatory authorities and to cooperate in the fight against money laundering
Summary
Developments in the cryptocurrency market from its inception to the present day confirm that investments in cryptocurrencies are highly speculative. They allowed for substantial earnings as well as significant losses at times of sudden crashes. Cryptocurrencies are a factor that we will surely be facing in the future, unless the regulatory authorities of individual countries decide to actively intervene in this area Cryptocurrencies have both changed cybercrime and are closely related to it, as they are e.g. a means of payment, a target of attack, or a bait for phishing data [6]. We conclude that the organized criminal underworld is strongly interested in cryptocurrencies and their popularity among ordinary, honest citizens, as in this way they can much more conceal their criminal activities and the origin of their assets
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
