Bitcoin (BTC) has been named as one of the 'strongest drivers' for crime by Menny Barzillay, the head of cybersecurity consulting at Herzog Strategic. According to Barzillay, who joined other pundits during an event at Tel Aviv University, the leading cryptocurrency is dangerous because it allows bad actors to send money on the internet in a similar fashion to cold hard cash.
"Bitcoin is like cash money that you can actually send over the internet and this is one of the strongest drivers for crime today," Barzillay said.
Must Read
BTC Private Keys to €53.6 Mln in Bitcoin Missing, Police Can’t Access Drug Cash - READ MORE
Reputational damage
Given that Wall Street is now actively dabbling in Bitcoin, it might seem that the cryptocurrency is far beyond its Silk Road days. However, it's actually getting even more popular on the dark web. As reported by U.Today, criminals spent more than $1 bln in darknet markets in 2019 alone.
After the FBI shut down Silk Road in 2013, new upstart black markets successfully took its place. Bitcoin remains the most popular currency there despite the availability of seemingly more desirable payment options such as Monero (XMR) and other privacy coins.
Must Read
Bitcoin (BTC) Crime: British Man Gets Nine Years in Prison for Selling Lethal Drugs - READ MORE
There is a catch
So, why does Bitcoin remain the darling of criminals? Barzillay believes that it's because it allows monetizing criminal activities in a secure way. Hence, it solv ..
Support the originator by clicking the read the rest link below.
 Is Strongest Driver for Crime, Says Cybersecurity Expert - U.Today){kind=link}