A Systematic Exploration of the Relationship between Cryptocurrency and Cybercrime – An Assessment of the Implications and Issues of Anonymity

ABSTRACT

Cryptocurrencies establish a lot of chances for offenses like money laundering. Cryptocurrencies are not under the control of any government institution. They permit users to anonymously exchange commodities, and they effortlessly transverse frontiers through the Internet. Each of these attributes makes it hard for individual countries to manage cryptocurrencies in seclusion. This research investigates how cryptocurrencies have become a tool and a target for cybercrime. The paper will explores that a relationship exists between cybercrime and cryptocurrencies. Today, cybercrime poses a substantial threat to the global community. It may exploit the CI (Critical Infrastructures) structures that are largely interlinked. Despite the increased interconnectivity enabling easier and more effective communication, it has created vulnerabilities that were not in existence a decade ago. However, not having a standardized definition has made it increasingly complex to establish a policy that will permit more effective interagency cooperation and robust regulations concerning cybercrime. Cybercrime thrives on internet’s anonymity with the utilization of certain browsers, for instance, the Onion Router, to gain access to data that cannot be searched within the daily search engines. The proliferation of cybercrime is based on the heightened utilization of peer-to-peer decentralized cryptocurrency. The study utilizes both secondary and primary data gathered to demonstrate whether a relationship exists between cryptocurrency and cybercrime based on the aspect of anonymity that characterizes cryptocurrency. This systematic study aims to determine whether the aspect of anonymity in cryptocurrencies encourages people online to use it as a tool or target for cybercrime. The sample for the study will be broad to allow for a wide scope of information. The participants will encompass participants from companies that have been victims of cybercrime due to cryptocurrencies (10). 60 – 80 participants that are specialized experts in the internet and technology field, and criminologists that have to solve some of these reported crimes. Cyber criminals behind bars, preferably 20 to 30 respondents. Lastly, the researcher recruited 300 students from the university without a specification on discipline to participate in the survey. Participation in the study will be completely voluntary. The researcher anticipates a 85% response rate to meet the required sample size for the study to draw significant conclusions on the issue. However, a pilot study was deemed necessary before the main study to pre-test the research tools questionnaire and sub structured interview guide. The pilot study encompassed a sample of 20 respondents who will also take part in the main study. Ethical considerations will be observed in the study to increase the validity and reliability of the survey.
Keywords— Cryptocurrency, cybercrime, anonymity, technology

Download Vol. 8, Feb 2022 Issue