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Blockchain Crime: How Law Enforcement are Battling with Cyber Onchain Criminals

Mar 10, 2018 Posted /  3654 Views

Blockchain Crime: How Law Enforcement are Battling with Cyber Onchain Criminals

Ransomwares the Most dangerous blockchain threat

By far ransomware is among the most lethal tool being used by cyber criminals to extort money from innocent users or institutions. Unlike other cryptocurrency criminality tools ransomwares are sent to any organisations or individuals depending on computers for data storage and processing. This could range from freelance researchers, schools, hospitals to large governmental organisations and the military.

Basically ransom wares are tiny code snippets deigned to take charge of a user computer and allow remote access to the sender of the malicious software. Ransomwares can encrypt all the data stored on the computer and locks out the owners from accessing the computer. In most cases the people behind the attack leaves a way the computer system administrators can contact them and negotiate giving access to the computer system back to the original users who normal demand to be paid using a cryptocurrency.

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Ransomwares in a way can be comparable to kidnapping of person where the attacker warns the victims of involving the police and would ask for large sum of money to be transferred to them in small periods of time. The blockchain provides a system where every transaction can be traced by the identity behind the public key can not be unmasked.

Traditional Hackers Masquerading the Blockchain Space

The traditional computer hacking still exists and can be maliciously used to steal your cryptocurrency balance from your wallet.Hackers in this categories aim to attack user computer system and download all kinds of information they deemed necessary. The Hacker later processes the downloaded information and searches for relevant files, saved passwords and security phrases.

Some advanced hackers used RATs a software capable on logging keyboard button press and sending the log file to the attacker directly all this without the users knowing. The use of updated antivirus software can help reduce your risks of being attacked with a RAT especially for known cryptocurrency traders and enthusiasts

RATs steal prevent a major barrier to local police but specialised security units like the FBI or the CIA has specialist who can trace the sender of the RAT software and the signatures of the software to estimate its spread and damages. Although RATs have not yet been widely used in attack on cryptocurrency it still presents a grave risk to cryptocurrency usages.

Increased Physical Robberies targeting Cryptocurrency Portfolio Owners

Another dangerous method being used during cryptocurrency attacks is physical robbers death threats for cryptocurrency wallet private keys. This categories of attackers would waylay their victim and threaten him with death until he gives access to his cryptocurrency wallet. Normally renown cryptocurrency investors and traders are the major victim of this kind of attack.

It is a safe practice not to boost of your cryptocurrency portfolios on social media or to your close accolades because they would turn to be your next robbers. Although only a few cases have so far been registered under this categories millions of dollars have been successfully stolen from their rightful owners using this rudimentary thievery.

However the successes of the police in cracking down cryptocurrency robbers in this categories is higher mostly because of eyewitnesses or security cameras. Blockchain is used to trace the destination of the stolen fund since the source of the fund is down the movement of the funds can be traced to the final point.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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Tags: cyber crimes blockchain personal wallets Blockchain Space Blockchain Crime

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