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| doi.org/10.36475/L.A.W.14 |
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| L.A.W. |
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In this Article
Volume 8, Issue 2
Cryptocurrency-Related Cybercrime Types and Threats
Affiliation: Doctor of Law, Affiliated Associated professor of Caucasus International University, Head of The
Department to Investigate Offenses Committed in the Course of Legal Proceedings, The Office of The
General Prosecutor of Georgia1, Master of Law, Prosecutor of The Department to Investigate, Offenses Committed in the Course
of Legal Proceedings 2
Abstract: This article emphasizes the types and threats of cybercrime related to cryptocurrencies. The necessity of implementing legislative
regulations and invention of administrative control mechanisms in
connection with the growth of the digital economy is also discussed.
The presented article also elucidates features of cyber-cartels and
their new instruments, such as “Auction Robots”, for committing
illicit activities as the new type of the organized crime in a digital
world. This work also focuses on describing certain categories of
cybercrime, such as cryptojacking, which is a scheme to use people’s devices (computers, smartphones, tablets and etc.), without
their consent or knowledge, to secretly mine cryptocurrency on the
victim’s dime. To analyze the growth in demand, this work highlights
the index of the whole capitalization and the exchange rates of the
cryptocurrencies. Article also underlines the threat of the element
of anonymity related to cryptocurrencies as the main instrument
for criminals to either disguise terrorism financing or evade paying
taxes. Some valuable examples of amendments developed and introduced by the US and Great Britain legislations to regulate crypto
market and control tax evasion are also cited.
Keywords: Cryptocurrency, Cryptojacking, Cyber-Cartel, Digital Economics, Cybercrime,
Language: GE
Bibliography:
Legal Acts:
- Legislative Herald of Georgia, (01.07.2019), Decision of the Ministry of Finance of Georgia of June 28, 2019 №201, Legislative Herald of Georgia. https://matsne.gov. ge/ka/document/view/4601215?publication=0
Researches:
- Bernardi M., Charoenwong B., (2022). “A Decade of Cryptocurrency Hacks: 2011-2021”, Business School, National University of Singapore.(In Georgian)
Used Literature:
- Weiss. P., (2019). “Cryptocurrency”. Rifkind, Wharton & Garrison LLP (Multinational Law Firm). (In English)
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Notes:
- Marshal, J., (2 February, 2022). US$8.6 billion worth of crypto-currency laundered by cybercriminals in 2021“, International Security Journal https://internationalsecurityjournal.com/cryptocurrency-laundered-in-2021
- Coinmarketcap, (6 May, 2022). Web-site showing the capitalization and exchangerates of cryptocurencies https://coinmarketcap.com [Last seen: 10 June, 2022]
- Legislative Herald of Georgia, (1 July, 2019). Decision of the Ministry of Finance ofGeorgia of June 28, 2019 №201, Legislative Herald of Georgia https://matsne.gov.ge/ka/document/view/4601215?publication=0
- Weiss, P., (2019). “Cryptocurrency”. Rifkind, Wharton & Garrison LLP (Multinational Law Firm). P.1
- World Crypto Index. (2018). “How Cryptography is used in cryptocurrency”. World Crypto Index, https://www.worldcryptoindex.com/how-cryptography-is-used-cryptocurrency [Last seen: 10 June, 2022]
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- Lapuh Bele J., (2021). “Cryptocurrencies as facilitators of cybercrime”. SHS Web of Conferences Volume 111. P. 1-6.
- Kaspersky lab. 2022. “What is Wannacry Ransomware”. Mimicast https://www.mimecast.com/blog/all-you-need-to-know-about-wannacry-ransomware/
- Arista Networks. 2021. “The Role of Cryptocurrency in Ransomware Attacks”.ARTISTA. https://www.untangle.com/inside-untangle/the-role-of-cryptocurrency-in-ransomware-attacks/
- Bernardi, M., Charoenwong, B., (2022). “A Decade of Cryptocurrency Hacks: 2011-2021”, Business School, National University of Singapore, P. 1-6.
- Malwarebytes Company. 2022. “Cryptojacking – What is it?”. Malwarebytes. https://www.malwarebytes.com/cryptojacking [Last seen: 6 June, 2022]
- Dr. Houben R., Snyers A., (2018). “Legal contexts and implications for financial crime, money laundering and tax evasion”, European Parliament (Policy Department for Economic, Scientific and Quality of Life Policies Directorate-General for Internal Policies), P. 9
- Financial Action Task Force (FATF) Report. (2015, October). “Emerging Terrorists Financial Risks”. FATF. https://www.fatf-gafi.org/media/fatf/documents/reports/Emerging-Terrorist-Financing-Risks.pdf[Last seen: 6 June, 2022]
- Comply Advantage. (2022). “Cryptocurrency Regulations around the World”. Comply Advantage https://complyadvantage.com/insights/cryptocurrency-regulations-around-world/> [Last seen: 6 June, 2022]
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