To date, the most important reason why some countries, companies and individuals have negative attitudes towards cryptocurrencies is that digital assets host many criminal elements due to their decentralized structure.
As a matter of fact, countless individuals and institutions suffered from this issue. Many people have been deceived, and even people and weapons have been smuggled through cryptocurrencies, especially on sites such as the Dark Web. The latest news on the subject was recorded as $ 1.1 million BTC fraud, according to Whale Alert.
According to the news, an investor lost exactly $1.14 million to fraudsters. Scammers impersonating MicroStrategy CEO Michael Saylor stole 26.4 BTC in the biggest hack in crypto history.
🚔 A payment of 26 #BTC (1,124,191 USD) was just made to a confirmed Michael Saylor Giveaway scam!https://t.co/YNYRBLBt4P
— Whale Alert (@whale_alert) January 15, 2022
All this scam news aside, Gartner, a consulting firm, stated that such actions will decrease by 30% by 2024. The firm predicts that factors such as the transparency of blockchain as well as the democratization of anti-fraud tools will contribute to this decline in such transactions.
Gartner states that despite the increase in crypto-related crimes last year, the factor that will ensure such a decrease in two years will be the inability of criminals to act and spend money outside of Blockchain networks.
The transparency of blockchains is one of these factors in the article published on the company’s blog. The following words are included in the continuation of the article:
Contrary to popular belief, cryptocurrencies are not a haven for anonymous criminals. In fact, it is easier to track money on Blockchains than in legacy payment networks, armed with smart analytics.
It’s Possible to Block Criminals!
According to Gartner, citing 23 Blockchains, which he says account for around 99% of the market capitalization of all Blockchains, it is easier to integrate so-called anti-fraud systems with 23 Blockchains than it is to integrate thousands of enterprise systems and payment networks.
In fact, Blockchain systems are much more transparent than regular bank systems. Because when you ask a bank about the assets of someone who knows their IBAN number, the bank will of course give you a negative answer. However, in known Blockchain systems (such as Bitcoin, Ethereum), you can see the assets and expenses of the person whose wallet number you know.