Cryptocurrencies are prevalent in South Africa and gaining traction as an option on-line currency. This report, as a result, illustrates the use of cryptocurrency in the facilitation of criminal activity by means of the evaluation of existing literature. Lastly, an exposition of the crimes is presented in order to demonstrate how cryptocurrencies can be made use of as a tool and target in the facilitation of cybercrime. Concomitantly, cryptocurrencies are also establishing themselves as an perfect currency for cybercriminals due to their unregulated and pseudo-anonymous nature. Cryptocurrencies can be applied either as a tool or target in the facilitation of cybercrimes, like cyber money laundering, cyber extortion, phishing, hacking, cyber fraud and other economic crimes such as Ponzi and investment scams. Given the very technical, decentralised and as a result complex nature of cryptocurrencies, it is critical for criminologists to have a simple understanding of the modus operandi used in ‘cryptocurrency crime’. This write-up begins with a short discussion on the history of cryptocurrencies. The technical underpinnings of a cryptocurrency are thereafter explained in order to contextualise their use in the facilitation of cybercrime.
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Antivirus computer software pioneer John McAfee was found dead in his jail cell in Spain on Wednesday, officials said, shortly following a court authorized his extradition to the United States where he was wanted for tax evasion. A spokeswoman for the Catalan branch of the legal body which oversees Spain’s courts, the General Council of the Judiciary (CGPJ), also confirmed that McAfee had been identified dead in his cell at around 7:00 pm (1700 GMT) of an apparent suicide. McAfee has been in jail in Spain due to the fact he was arrested at Barcelona airport in October 2020, just as he was about to board a flight to Istanbul. He is alleged to have deliberately failed to file tax returns amongst 2014 and 2018, despite earning millions from consulting work, cryptocurrencies and promoting the rights to his life story. The 75-year-old was located dead in his cell in the Brians 2 penitentiary near Barcelona “apparently from suicide”, a spokeswoman for the prison system in the northeastern Catalonia region mentioned.
For example, the Bitcoin blockchain nonetheless has a block reward ten years just after its initial launch of 6.25 Bitcoins (≈ $306k), which is issued roughly every single 10 minutes to assist fund the mining nodes securing the network (≈ $44M a day and ≈ $16B a year at existing prices). This would eliminate the very worth proposition the network set out to produce in the 1st spot, becoming a minimally extractive coordinator. Decentralized computation networks that try to rely upon VC funding for extended-term subsidization need some type of worth extraction mechanism from users (such as an upcharge on network fees) in order to pay back the debt they take on. It would also build misaligned incentives where time and resources are spent catering to the demands of the network’s biggest investors as opposed to what might be superior for the long-term results of its actual customers. Hence, the network could not give any credible neutrality, as the entities providing the capital for subsidization would in the end have excessive control over the future path of the network’s improvement.