The Dark Side of Crypto: How Blockchain is Used in Cybercrime

Cryptocurrency is often hailed as a revolutionary technology that enables financial freedom, decentralization, and privacy. However, with these benefits come risks—crypto has also become a tool for cybercriminals. From ransomware attacks to darknet markets, the anonymity and borderless nature of blockchain have made it attractive for illicit activities.

This article explores how cybercriminals use cryptocurrency, the biggest threats, and what can be done to stop it.

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Unlike traditional financial systems, cryptocurrencies offer:

Anonymity & Privacy – Transactions can be pseudonymous, making it harder to track the sender/receiver.

Borderless Transactions – No banks or regulators can block a transfer.

Irreversibility – Once a transaction is confirmed, it cannot be undone.

These features have made cryptocurrencies the preferred choice for cybercriminals engaging in illegal activities.

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A. Ransomware Attacks