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Europol Names Privacy-Focused Crypto Wallet Services the Top Threats in the Cybercrime Space

The European Union Agency for Law Enforcement Cooperation or commonly known as Europol has released its latest report of Internet Organized Crime Threat Assessment (IOCTA) of the year 2020 recently on October 5, 2020. In this report, the European law enforcement agency said that currently, the top threats in the industry of cybercrimes are posed by digital currency wallet and coin mixing services. The agency also mentioned that the privacy-focused cryptocurrency Monero is on its way to become the most famous digital currency on Darkweb.

As privacy-focused coin mixing and cryptocurrency wallet services are gaining fame in the industry, the European law enforcement agency has said that they are emerging as the top threats in the cybercrime sector. Europol said that along with the rapid evolvement of coin joining services, a significant increase has also been witnessed in the use of so-called privacy-centered digital currencies and with that, they are becoming top threats in the cybercrime industry.

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Europol specifically mentioned two popular cryptocurrency wallet services the Samurai and the Wasabi wallet saying that these have particularly emerged as serious threats. These wallet services are being applied and utilized for payment processes by some of the administrators that work in underground markets, the agency claimed. On the other hand, the agency said that centralized coin mixing services have already established their place out there.

The privacy-centered digital currency Monero (XMR) is emerging as one of the most famous cryptocurrencies on the Darkweb to be used as a tool for transactions, the agency claimed. The other two digital currencies that are increasingly becoming more popular on Darkweb for transactions are Zcash (ZEC) and Dash (DASH) according to Europol.

Moving on ahead, the law enforcement agency said that despite the fact that the world’s largest digital currency by market cap Bitcoin (BTC) because of its mainstream adoption is considered to be the most widely used payment method, there has been noticed a potential increase in the use of privacy-centered digital coins as well. “An increasing number of markets are recognising the benefits of offering multiple coin alternatives, including Litecoin, Ethereum, Monero, Zcash, and Dash,” the report added.

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MubaShar Nawaz (United Arab Emirates)

MubaShar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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