BTC May Soon Lose Its Value As A Payment Tool For Cybercriminals: Kaspersky

The upcoming rules and regulations regarding crypto transactions around the world will make Bitcoin less attractive to criminals to use as a payment gateway. According to a new report by cybersecurity company Kaspersky, Bitcoin will lose its value as a digital asset for ransomware transactions and payments as regulations around the crypto sector increase globally. Crypto-based ransomware payments are reported to rise above $600 million (roughly Rs. 13,330 crore) by 2021. In fact, BTC was demanded as ransom in some of the biggest heists, like the Colonial Pipeline attack.

“As sanctions continue to be issued, markets become more regulated, and technology improves in tracking the flow and sources of Bitcoin, cybercrooks will rotate from this cryptocurrency to other forms of value transfer,” reports noted.

Crypto scams, in recent times, have risen hand in hand with the adoption of digital assets.

In a recent report, Chainalysis said that the month of October was the worst in terms of crypto-related crimes this year. The crypto sector has lost more than $718 million (roughly Rs. 5,890 crore) due to such crimes.

A recent report by BanklessTimes says that American crypto investors have lost more than $1 billion (roughly Rs. 8,000 crore) in total to fraudsters.

Cases of cryptojacking and phishing attacks have also increased this year as more cybercriminals start injecting malware into the system to steal or mine digital assets.

The misuse of cryptocurrencies for money laundering has been a matter of concern in India and many other countries for some time now.

Under the circumstances, focusing on driving the adoption of global rules against crypto-linked money laundering has become a priority for the Financial Action Task Force (FATF). The Paris-based global financial watchdog has, in some ways, illegally mandated countries to comply with its anti-money laundering (AML) laws to avoid being ‘grey-listed’.

Although BTC and other cryptocurrencies are unlikely to be used for criminal transactions and the laws surrounding the sector are tightening, fraudsters are still expected to continue to abound in the crypto sector.

Cybercriminals​​​​​​are expected to continue to prey on victims through fake token offerings (ITOs), NFTs, and smart contract exploits, the Kaspersky report said.

It is inevitable, however, that people will become more aware of scam-like tactics and protect themselves from financial risks, the report added.

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