Experts Alert: Cryptocurrency Platforms Are Now Used in 90% of Cybercrimes
At a seminar organized by the Uttar Pradesh Forensic Sciences Institute, experts disclosed that over 90% of cybercrimes are currently connected to cryptocurrency platforms, highlighting a radical change in the way criminals function in the digital era.
According to officials, the emergence of cryptocurrency has made it easier for fraud, money laundering, and illegal transactions to occur. Cryptocurrencies have emerged as the go-to medium for criminals looking for anonymity and untraceable transfers, from ransomware payments and darknet marketplaces to human trafficking rings and cross-border scams.
DIG Cyber Cell Pawan Kumar cautioned that “crypto is no longer a fringe element—it is the new backbone of cybercrime.” Criminals move money in ways that traditional banks are unable to track by taking advantage of decentralized systems.
Because blockchain networks are large, international, and frequently impervious to centralized oversight, law enforcement agencies acknowledged that tracking such crimes presents enormous challenges. However, new tools are being used to uncover networks that are hidden in plain sight, such as decryption powered by quantum technology and analytics driven by artificial intelligence.
Another important step in regulating online transactions and holding platforms responsible was India’s Digital Data Protection Law. However, experts emphasized that because cybercrime is worldwide, countries, financial regulators, and tech companies must work together more closely.
Although cryptocurrency is not intrinsically illegal, cybersecurity experts noted that its abuse is increasing at an alarming rate. According to researcher Dr. Meera Sharma, “we are at a tipping point.” “We risk allowing an unregulated economy of crime to thrive unless regulation and innovation catch up.”
The challenge of safeguarding the digital currency revolution before criminals permanently take control of it is still evident as the use of cryptocurrencies spreads into mainstream finance.
