Crypto Currencies and Cybercrime

Crypto currency is collection of technologies or the digital asset which is used to secure transactions and we can also say that the procedure of creating money from code. Bit coin was first specified created crypto currency based on the Santosh Nakamoto’s invention in 2009. Bit coin is a electronic currency without any medium or centralized organization like bank or government. Crypto currency is still in development and gives a modern payment system. In this topic we analyze the features, few types of crypto currencies, how it works without any organization or control and how cyber criminals has a crypto currency is a choice of currency.

INTRODUCTION

According to Santoshi Nakamoto’s invention the crypto currency is basically a group or collection of technologies. Crypto currency is a digital asset which is used for a secure transactions and it is specially designed for security purpose of transactions. The procedure of creating money from code is also known as crypto currency; it is developed by P2P internet protocol. Bit coin market cap, ethereal market cap, XRP market cap these are the examples of crypto currency. The value of crypto currency is totally dependent on supply and demand. Crypto currency behaves like gold and silver. Bit coin gives a way for new currencies to enter in the market. A single bit coin is more power full than the competitors because of its technological background or concept and the strategy of marketing. Tendency of market in case of new technologies is always get ahead of themselves. In 2009 the first crypto currency is debuted in the market and which was Bit coin, the object of inventing the bit coin is create a currency without bank and government for the regular transactions. There is also a dark side of crypto currency. Everyone wants to protect their information from the cyber attackers to maintain their healthy transactions. Black market ran some ware, crypto jacking are few ways which gives idea to cyber attackers for cybercrimes.

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There is part of internet which cannot be accessible using standard browser; it is only accessible when you use the specialized browser which helps you to keep your activities anonymous. THE dark web is defined as the infamous area on internet which is only access by using specialized browsers. A Cyber attacker accesses that infamous or hidden space of the internet for the purpose of purchasing and selling of drugs, weapons, credit card numbers, account details and hacking services.

SECURITY OF CRYPTOCURRENCY

There are three layers in the security of crypto currency:

·      Coins and tokens

·      Exchanges

·      Your wallets

     I.        Coins and tokens: In the coins and tokens layer there are two types of currencies one is the coin themselves and another one is the all ICO issued tokens

   II.        Exchanges: Exchanges are written in the custom code with the security which does not have anything to do with block chain.

 III.        Your wallets: In the third layer which is your wallet and there are two ways to choose, one is website based wallet also known as hot wallet and another is just a paper or it may a hardware or software known as a cold wallet.

ALTERNATE CRYPTO CURRENCIES 

Bitcoin is introduced in 2009 which is a decentralized crypto currency based on the strong cryptography for the secure and healthy transactions it is also known as a trendsetter because of its success even there are more than 150 crypto currencies. After the success of bit wooing there are some crypto currencies which are inspired by bit coin are known as altcoins’ and altcoins are the modified versions of bit coin. Here are the five digital currencies.

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Lite coin

Lite coin is introduced in year 2011 and this is the second in demand cryptocurrency after bit coin. In 2011 lit coin is launched and it is designed by the google engineer. Lit coin is totally based on the concept of peer-to-peer payment for the exchange of tokens. It is decentralized. The proof of the work is shown by script which is decoded by help of CPU’s consumer’s grade.

Dark coin

 The more secretive version of bit coin is known as a dark coin. Dark coin is launched in January 2014. The concept of Dark coin is designed by using CPU and GPU and this secretive version of bit coin was modified by the Evan Duffield. It takes a very short time to touch the success as compare to other crypto currencies

 Peer coin                                                                  

Peer coin was the first crypto currency launched by software developers. We can say that if proof-of- stake is merging with the proof-of-work then the form amalgamation is peer coin. It is launched by the Sunny King and Scot Nadal in august 2012. The peer coin is also known as PP coin or the P2P coin.

Doge coin

Doge coin is the modification of Bit coin protocol and it is also a one of the crypto currency which uses a script technology. Doge coin is modified in December 2013 and it was created by Billy Burkus and Jacson Parmer.

Prime coin

 According to the concept of prime coin, the proof of crypto currency is based on the prime numbers that is the prime coin type crypto currency. Prime coin is totally different from the other crypto currencies which are based on the bitcoin protocol or the modification of bit coin. It gives a more security.

Cryptocurrencies

The cryptocurrencies is group of digital currencies. It provides a medium of the substitution to use cryptographic protocol (is used for security purpose) verifying replacement of the funds. This is also controls the creation of new currency. It is high return on investments which is profitable for crypto investments. Cryptocurrency wallet is used as the software to transfer currency or balances from one account to another account. This is a consensus network which is new payment system.

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In the world of virtual currencies there are five top largest digital currencies by market cap like as

1.Bitcoin 

2. Ripple

3. Bitcoin Cash

4. Etherenum

5. EOS.

Bitcoin which is a virtual currency i.e. created in January 2009 which uses peer to peer technology. It is the original cryptocurrency. It includes high transaction cost and also takes longer to confirm.

Ethereum is the digital token which is smaller than Bitcoin. It is prompted to rise of the ICO (Initial Coin Offering) in the market cap.

Ripple is the cryptocurrency as well as digital payment is use for the financial transaction. It having the high number of XRP in circulation is quite higher than the above two top digital currencies. It has 39 billion tokens in the circulation. The transaction is using less energy than Bitcoin.

Bitcoin Cash which is comes in fourth of ranking in the cryptocurrency. It is a fork of the Bitcoin. It also helps to increase in the number of blocks.

EOS is the Entrepreneurial Operating System. It is the top five ranking cryptocurrency. The market cap value is $7.83 billion. The total circulation of EOS the tokens is more than 896 million.   

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CYBERCRIME

Cybercrime is also known as computer oriented crime which involves the crime related to the computer and a network. The phishing scams, theft scams, identify online harassment, invasion of privacy, copywriter infringement; unwarranted mass-surveillance, etc. are the cybercrimes occurred in the world. For the internal securities issues and its popularity with the black market cybercrime is also associated with the bitcoins. The black market lays partly difficulties of locating its pseudonymous users. 

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1.    Financial Fraud Crimes                                                                                                             The financial fraud crimes inclusion bank fraud, carding or extortion, kinship theft, extortion and theft information. These crimes help to losses the private or important information. The fraud may be result in occurring a profit through unauthorized way, deleting stored data and suppressing or destroying or stealing output. This is difficult to detect the fault.

2.    Cyberterrorism

This is an organization to advance the social aim through developing a computer based attack to the computers, networks or the important data. The part of this organization of the agencies likes as FBI and the Central Intelligence Agency that such intrusions act through CFI services.

3.    Cyberextortion

It mainly occurs when an e-mail and network of computer system is subjected to attacks like as malicious hackers. The hacker always demanded for the money to the auspicious to stop attack on the system. It can also attacks on the corporate websites and networks. FBI has been reported cases more than 20 per month.  

4.    Computer As A Target

The group of criminal which is chooses for these crimes. In these crimes, computer is used as a weapon and these also need technical experts of the perpetrators. There are uncountable crimes occurs and daily committed on the internet. The criminal that attack on the computer system and devices like as viruses, DOS attacks and malicious code.

5.    Computer As A Tool

These criminal is used computer as a tool rather than the target. It involves less technical expertise. The criminals may be use computer network for the advance other ends include such as fraud and determine theft, warfare, phishing, spam and threats.

SECURITY

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The security is used to defend the commercial transaction and to control the design of extra units. It also identifies the transfer of virtual assets. Security of the crypto-currencies and cybercrime is used for the protection from the crypto-jacking, Ransom-ware, Exchange Hacks, Phishing Attacks and Twitter Impersonation. When the cybercriminal activity has peaking then there is strong required for proper security.

When websites are emitted with a code that is malicious code which mines from crypto currencies by using the processing power of the central processing unit of the site is also called cyptojacking. Ransom ware is the cybercrime which is used to encrypt all your data or files and it is the key of the decrypting these files or data with the criminals because of these you can’t access the data or files on your computer whether the key is not entered. Exchange hacks are also hackers which targeting the exchange of the crypto currencies with an increasing frequencies. Phishing Attacks causes lot of damages such as the users which don’t have a proper security system i.e. 2FA system which can be end up to give them access to their wallet passcode to hackers which easily access the crypto currencies. Twitter impersonation is the low-effort crime which attacks on the users whose access the conmen wallet by the first-time users and gullible users.

Security is used to protect from the cybercrime activity. To stay protected from the crypto currencies and cybercrime always remember that never download attachment files or document from senders when you don’t have trust on it. The reason is behind that these files or document carried virus, malware or spyware. These attachments may be containing harmful files. Sometime happened that the image which is an innocuous-looking i.e. jpeg image may be have ransomware attached on it. Ransomware spreads through the mail which is critical to download the attachment files or document.

Second security is to set up 2FA security. This is the necessary security precaution to set up a system which ensures that the hackers can’t access your account and transfer the money without your permissions.

Third security is to back up your data regularly for its protection. A Ransomware attack infects on the user’s computer also. The regular backup also used to secure all your data.

Fourth security is that to use hardware wallets. Hardware wallet is the actual physical device which is used to store currencies on them.

In the darknet markets which using the method of payment is cryptocurrencies. Cryptocurrencies are also related with the other illegal activities like as funding terrorist and promoting illicit trade.

Botnet is the sophisticated method which is used in cybercrime. It means that this technology was used to execute distributed DDOS attack. It is also snip data, send spam & give permission to the criminal to access the device. It is a number of devices which having internet connection, each of which is running one or more bots.  

The security of the cryptocurrencies is divided into two parts are as follows:

1.    Difficulty in finding hash set intersections, a task done by minors.

2.    ‘51%” attack i.e. mining power of more than 51% attacks of the network, to control the global block chain ledger.

FORENSIC AND LAW ENFORCEMENT

Bitcoin was a secure as well as anonymous digital currency and it is an untraceable method of payment which facilitates illicit activities and the receive payment without being tracked. The methodology is dataset description, cluster categories, data analysis process, class imbalance, etc. Bitcoin block explorer which is an open source web tool that gives you to view the information about blocks, address and transaction on the chain of bitcoin. GITHUB is the source code. Public bitcoin API which is machine readable stats and block chain info can be accessed directly to the rest and web sockets API’s. The analyzing the transaction in the under lying, publicity which is available blockchain, has become a key forensic method which is in law for enforcement by the tracking and tracing the payment flows in cryptocurrencies. The anonymous and decentralized nature has been turned into a powerful weapon in the cyber arsenal of the group of national and international criminals by their illicit activities.

BLACK MARKET

The black market cryptocurrencies is used for the illegally transaction of the goods and services. The black market web is the part of the black market and part sanctuary. The darknet pages can’t see the regular search engine and the regular browse engine. The dark web only accepted all e-commerce storefronts i.e. Bitcoin. The bitcoin network is stored the all bitcoin transactions. The information used to define where bitcoin are allocated and where they are sent only defined by the bitcoin address. Bitcoin was used for the exchange of these purchases, from weapons and fake ID’s, pharmaceuticals, drugs, etc. The cryptocurrencies is also evolved to cloak identity and illegal transaction.

DISSCUSSION

Cryptocurrency is widely impact on the world. In this currency bitcoin is very complex system and which made from the system like hash over and key authentication which kept in contact with each other. The proof of transfer supports is support by the work together. The proof of work is backed through the proof of transfer in rule system. The increasing number of shops accepts the payment that includes NYC restaurants and grocers. We able to desire that it should be change the world in positive way.

CONCLUSION

The development and innovations of the new currencies and technology is to create the challenges for users. Cryptocurrencies have been join to their uncountable types of crimes, including financial fraud crime, facilitating marketplaces, attacks on business, child exploitation, corporate espionage, fake ID’s and passport, Cyber terrorism, Cyber extortion, high yield investment skills, stolen credit cards and weapons. It also creates great challenges for our nation states. Cybercrime is also known as computer oriented crime which involves the crime related to the computer and a network. There are many cybercrimes are occurred such as the cyber scams, determine theft scams, online and offline harassment, stalking, incursion of privacy, etc. A new technology is creating opportunity to improve your health and living condition of human being.

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