Criminals commonly use cryptocurrency to carry out illicit activities such as money laundering, funding terrorism activities, buying and selling narcotics and many others. According to the new report by the UN, hackers have been attacking exchanges to steal the cryptocurrency and then use it to fund nuclear weapons development. North Korea is leading the game.
Cryptocurrency is a powerful weapon used to overthrow governments. Terrorists are taking advantage of this new innovation in the finance industry. However, it’s not just cryptocurrency that is being used to facilitate terrorism activities; huge sums of fiat money transactions have been made worldwide to support the same act.
Recent UN reports shows that North Korea (DPRK) has managed to amass around $2 billion for its weapons of mass destruction (WMD) activities via cyberattacks that illegally accessed people’s bank accounts and digital currency exchanges.
The Russian arms producer, Soyuzmash, seeks to bypass US sanctions using cryptocurrency. The Union of Machine Builders recently requested permission from the Central Bank of Russia to allow it accept payments in Bitcoin for all its activities related to weapons. They believe this will enable them doge the US and other existing international sanctions. Russia is the world’s second main exporter of arms, commanding 21% of the global market, following the US with around 36%.
Precious metals are completely unique and limited assets.They have not only financial value, but also cultural and emotional value. Precious metals have always been valued through history. In ancient times, people used them to make weapons, royal tableware, luxury jewelry. People today are eager to invest in silver, gold, platinum, and other valuable metals. In order to make this process as simple as possible, InnovaMinex developed its own blockchain platform and INX cryptocurrency.
Following an unprecedented uproar caused by the blockchain systems, countless trends are leading to a broad-spectrum shutdown of this technology. Without fast democratization within the market, your future may be at risk of blockchain-absent asset management.
Blockchain-based systems for firearms tracking could come in handy for the police as they potentially help prevent gang violence and child mortality. However, some state governments think it is unfair to force people to use that technology.
The first Blockchain-based system for smart guns, Blocksafe, announce a new project of building up an alternative solution managing access to weapons. Blocksafe launched a new crypto token crowdsale, called “Trigger” (TRIG).