• Sun, 17 Nov 2019, 06:53 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Russia seeks to create legislation that would force cybercriminals to give up stolen crypto assets

Russia is currently planning to create a regulatory framework that would protect the country from the proliferating crimes that are committed in cyberspace.

Image via Pixabay

Fri, 08 Nov 2019, 10:21 am UTC

As the crypto ecosystem grows and proliferates, crimes in this sector have also been spreading at a relatively commensurate rate. From scams to crypto exchange hacking, the sophistication of cybercriminals operating in the crypto-verse has been evolving through the years.

In an attempt to preempt this growing problem, Russia’s Ministry of Internal Affairs is looking to create legislation that will allow authorities to force criminals to give up stolen digital assets. The agency has mandated that the proposal on this front should be completed by Dec. 2021, CoinDesk reported citing RBC.

The problem is that Russia doesn’t have an extensive regulatory framework that governs the crypto market. The legal definition of crypto assets, for instance, is still muddy in the country.

Sextortion in the digital space

It’s also unclear how authorities will “force” criminals to handover their stolen crypto since each wallet is protected by a combination of passwords and cryptography. Despite these hurdles, however, authorities are confident that may be able to collaborate with crypto exchanges to freeze the funds of shady entities.

Russia’s growing concern about cybercrimes isn’t unfounded. In a paper titled “Spams meet Cryptocurrencies: Sextortion in the Bitcoin Ecosystem,” researchers found that criminals are using botnets for sextortion activities.

What’s alarming about the study was that although the criminals are already using sophisticated technology to scam people, their methods can still be improved. The researchers conclude that based on the data they’ve collected, there is a high probability that there’s only a single entity responsible for these sextortion activities.

Posing as money launderers

Drug dealing is also another concern for countries that are trying to put up protections against the disruptive crypto industry. In this regard, Russia might want to borrow a page from U.S. authorities.

Last year, the DEA – along with other U.S. government agencies – managed to arrest 35 individuals that are involved in illegal crypto activities, seizing more than $26 million. Nicholas Weaver, a senior researcher at the International Computer Science Institute at UC Berkeley, said that one of the methods they used to track down the culprits was to pose as a money launderer.

“Posing as a money launderer for Bitcoin seems like a great mechanism to find the dealers. There are so many paths for the darknet dealers to get drugs. There are fewer paths for them to get cash,” Weaver said.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $8,539.92 (+0.13%)
  • Ethereum (ETH) $182.57 (+0.36%)
  • XRP (XRP) $0.264100 (+0.10%)
  • Bitcoin Cash (BCH) $266.52 (-0.06%)
  • Litecoin (LTC) $58.48 (+0.88%)
  • Bitcoin (BTC) $8,539.92 (+0.13%)
Nov 14, 2019 (Thursday)
12:14
Amun AG launches Tezos ETP on Swiss SIX Exchange; makes available 7 crypto ETPs on Boerse Stuttgart
11:38
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:37
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
10:59
Samsung SDS integrates QEDIT’s private asset transfer solution with Nexledger blockchain
10:46
Crypto Technicals: BTG/USD slips lower to test 4H 200 SMA, break below to see more downside
10:11
ASX-listed firm DigitalX launched new bitcoin fund
09:23
Telegram denies all SEC allegations concerning its gram token and sale
08:23
Crypto Technicals: XMR/USD pauses shy of 110-EMA (67.251), break above to fuel more gains
07:17
AFME calls for a common approach for regulation of crypto-assets in Europe
06:49
Crypto Technicals: XRP/USD edges higher from fresh 3-week lows at 0.2565, bias strongly bearish
06:21
Chinese bitcoin mining giant Canaan seeks to raise $100M in US IPO
05:20
Crypto Technicals: LTC/USD breaks below 21-EMA, eyes 50-DMA at 57.28
05:19
Crypto data provider Messari raises $4M from Uncork Capital, Coinbase Ventures and others
04:35
Crypto wallet startup Bitski secures $1.8M from Winklevoss Capital, Coinbase and others
04:06
Crypto Technicals: BTC/USD confined to narrow range trade, 5-DMA caps upside at 8814
Nov 13, 2019 (Wednesday)
13:19
CME sets January 13 as target date for bitcoin options launch
12:25
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:25
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:17
HSBC, SGX, Temasek explore DLT for end-to-end digitalization of fixed income securities
11:18
Crypto Technicals: LTC/USD trade rangebound, holds support at 21-EMA (60.12)
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft