Crypto Currency and it’s growth.
In this modern era, world is moving at an improvised speed towards technology. With the advancement in technology, digital medium has come into emergence. From this digital media, a new type of digital currency called as crypto currency has taken over the world by storm. The market size of crypto currency in 2020 was around $1.49 billion. The projected growth of crypto currency for 2030 is at $4.94 billion. It is evident that crypto currency is the next big thing in the financial world.
As we know, when one aspect in our lives is advanced with technology, it opens a new dimension for crimes related to the technology. Crypto Currency is no different!
There are multiple types of Crypto Crimes that take place. Let’s discuss a few of them.
Crypto Burglary: Crypto Burglary happens online. There is no confrontation with the victim. A great deal of cyber crime such as hacking into the computer, selling the data with out authority are few examples for crypto Burglary. Once the criminal enters bitcoin, then committing the burglary becomes a piece of cake. Any kind of transaction can be done throughout the world, untraceable.
Crypto Robbery: Crypto Robbery is worse than Crypto Burglary. This type of crime happens offline. Its when a criminal confronts you in person, threatens you and steals your phone, enters into the application and transfers the required amount of crypto currency. According to The Gurdian, One man was held against a wall and was forced to unlock his phone using facial recognition. Then the criminals accessed his crypto wallet and stole XRp worth $7,400.
Ransomware: Ransomware attacks on computers always existed, but their occurrence was rare. But, after the emergence of bitcoin, a criminal can attack your computer, enter into bitcoin, transfer the bitcoins to his bitcoin address and go untraceable. As the security provided by regulatory board is not up to the mark, ransomware attacks have become more common in the past couple of years.
Conclusion and safety measures:
In conclusion, I can only vouch for the development of technology prevalent with the regulatory body. The technology has to develop to an extent where, the criminals committing crypto crimes are easily traced out and are nabbed and put behind the bars. Few of the safety tips to prevent crypto crimes would be to finish the KYC process appropriately, to try to have digital lockers for the important documents.