Cryptocurrency breaks all records in popularity in 2021, and at the same time, the number of crimes associated with these assets is increasing. So, according to CipherTrace, at the end of the second quarter of 2021, the total amount of crimes related to cryptocurrency exceeded $ 600 million. More than $ 300 million is the total amount of hacks. Accordingly, the question of protecting your funds is becoming more relevant than ever.
Ransomware – the biggest threat to crypto wallet owners
Ransomware is one of the most serious threats in the cryptocurrency world. Criminals, using such programs, make payments transfer through the blockchain and hope that such transactions are not monitored by the police and authorities. However, AML tools are already being developed and actively used today, which makes it possible to successfully deal with them.
The companies that fight ransomware collect data on transactions sent to the scammers‘ account. AML tools allow them to determine the addresses to which the transfer is made, as well as to collect a unified database with all suspicious addresses. For example, cryptanalytic tools such as AMLBot or CipherTrace track any communications across dozens of databases. According to statistics, %29 of wallets verified by AMLBot contain “black money”. By adopting such means, you can seriously damage your reputation in the crypto community.
Using AML services for safe transactions
AML services are widely used by big global cryptocurrency companies, as they allow preventing a higher percentage of fraudulent transactions. Central payment systems are no exception.
Today, it is a common practice for central banks to issue their own cryptocurrency and integrate it into digital payment systems. Recently, MasterCard has partnered with CipherTrace to provide its customers with a high level of security.
Already today we see how central banks and conventional payment systems are widely implementing AML services into their own workflows. But, even the most ordinary user can secure himself, and before accepting cryptocurrency from an unfamiliar address, check it for “black money”. It is quite simple to do. All you need to do is enter the address of an unfamiliar wallet into the AMLBot telegram channel and assess its degree of risk. These simple steps minimize the risk of becoming a victim of cryptographic hacking, ransomware, or other malware.