Cybercrime

Several academic papers in Italy discuss the risks associated with cryptocurrencies including Bitcoin, Ethereum, Ripple and others, and warn that there are a number of vulnerabilities created by dependence on blockchain and distributed ledger technology, including cybercrime.

Cybercrime, such as online fraud, industrial undercover activities, and the use of cryptocurrency for money laundering, etc. in Italy, is the rapidly increasing malevolent business with the highest margins of diffusion in the future, according to the Global Risk Report 2019 by the World Economic Forum. The country incurred a loss of around €10 billion in 2018.

A new deadly virus known as Dharma is seriously infecting computers (PCs) and servers by encrypting and locking files, which can only be successfully unlocked via a Bitcoin payment, responsible authorities warned on October 16, 2018.

A cybercrime gang leader, involved in stealing upward of $1.2 bln, has been arrested in Alicante, Spain. The gang ,consisting of Russian and Ukrainian nationals, robbed around 100 financial institutions worldwide and covered its tracks with the help of crypto coins.

The modern world relies on the Internet, virtual reality and IT solutions more than ever before and has become especially tasty for cybercriminals. It is a big market with real problems. The anti-virus companies turnover $8.5 billion a year and are expected to reach $6 trillion by 2021. Today, up to 70% of new threats go undetected and the cost of cybercrime damages is expected to double by 2021.

Zug, Switzerland, 10th May. Mysterium have released their white paper showcasing a new model for a blockchain-based virtual private network (VPN). Mysterium is developing the first fully decentralised and distributed VPN in an effort to safeguard online privacy. The whitepaper, released for comment today, outlines their vision for a global peer to peer network that combats the risk of cybercrime.