The combination of cryptocurrency and darknet realms takes this paradigm to a new level. Cybercriminals are increasingly turning to the dark web, in preparation for large-scale cryptocurrency theft or other cryptocurrencies-financed operations. In this paradigm, criminal prosecution becomes a difficult task.
Vinayak Godse, CEO, Data Security Council of India Delhi: The cryptocurrency-driven economy is global in nature and not necessarily well-controlled in the geography of transactions. Although currency listings and trading exchanges are tightening their controls to improve transparency, credibility and prevent its criminal use, there is still plenty of room for misuse of crypto-tokens in the chain and layers of transactions. There is scope. Some tokens have more privacy and anonymity. They naturally attract criminals.
According to a United Nations report, around 20 percent of serious criminal attacks are now linked to cryptocurrency funding. What began as an attempt to create an encrypted network to hide sensitive communications from ordinary Internet users has now expanded into a full-fledged dark network. It provides the underlying technology to hidden pages, which are not accessible through standard browsers and are not indexed by search engines. It promotes communication through forums, chat rooms, files and picture hosts. It has also developed commercial facilities that pave the way for the development of markets for illicit offerings.