Aj KarimPosted by yogesh chauhan on January 5th, 2022 Cybercrime on the rise: Sydney woman arrested for alleged Bitcoin money laundering scheme Cybercrimes involving the use of cryptocurrencies are on the rise in Australia. On May 14, in their latest efforts against cybercrime, NSW Police arrested a 52-year-old woman in a Burwood shopping centre for allegedly operating an unlawful digital currency provider. Charges the First of their Kind in Australia Why use Bitcoin in Cybercrimes? Cryptocurrencies are attractive to people involved in illegal activity, due to their decentralised nature. Many cryptocurrency exchanges around the world do not require real names, so large amounts of money can be traded in the form of cryptocurrency and escape law enforcement detection. Because of this, cryptocurrency is a popular currency choice on the dark web, where it can be used to trade in unlawful items such as illegal firearms, prohibited drugs, and child pornography. Indeed, it has been reported that, despite the regulatory efforts of governments, Bitcoin transactions on the dark web have increased by 340% since 2017. Cryptocurrencies are also used to engage in other illegal activity such as fraud, tax avoidance, and money laundering through unregulated exchanges. The use of cryptocurrency in organised crime is therefore a considerable concern for governments and law enforcement agencies around the world. Indeed, itwas estimated that in 2019 over .8 billion was laundered using unregulated cryptocurrency exchanges. Australian Regulation of Cryptocurrency 1. Adopt and maintain an Anti-Money Laundering and Counter-Terrorism Financing program to identify, mitigate and manage money laundering and terrorism financing risks; If these requirements are not adhered to,serious penalties may apply, up to 7 years in prison and 2,000 penalty units (0,000). Cryptocurrency Cybercrime on the Rise For instance, In 2019 a Melbourne couple were reported as having lost their retirement savings of 0,000 in a cryptocurrency scam, while a Canberra couple were reported as losing thousands of dollars in a cryptocurrency Ponzi Scheme. Indeed, according to a report by the ACCC, cryptocurrency fraud is increasing in Australia, with cybercriminals reported to have earned .6 million from cryptocurrency scams in 2018. It is therefore very important that people stay vigilant online, or risk being taken advantage of by sophisticated online criminals. This message ismore important than ever, with cybercriminals reported to be taking advantage of the impact of COVID-19, stepping up their efforts to prey upon vulnerable people through phishing, malware and other dishonest tactics. An important reminder You should be careful about what emails or messages you respond to online. If an offer appears too good to be true, you should be suspicious of it, or else risk being ripped off, or worse, becoming unwittingly involved in a criminal enterprise. If you do suspect that you may be involved in something illegal, it is never too late to seek legal advice. Remember, it is always better to seek help sooner, rather than later. Our team at Sydney Criminal Law Specialists are experts in all aspects of Criminal Law, including issues related to cybercrime. Get in touch at 0434 856 436 or click here to organise a free consultation with us today. The information provided on this website is for general informational purposes only, and does not constitute legal advice. More Information: - https://www.sydneycriminallawspecialists.com.au/ Like it? Share it!More by this author |