Enter the terms you wish to search for. Bitcoin and Blockchain: A Russian Money Laundering Bonanza? How to make a bitcoin mining botnet does the dark side of the internet better than the Russians.
Moscow’s hackers have long been world leaders in cybercrime. So it’s no wonder Russian computer geniuses are heavily involved in the internet’s latest craze: virtual currency. Cryptocurrencies, such as bitcoin, work on a technology known as blockchain, a decentralized network of synchronized online registries that track the ownership and value of each token. They can be used as virtual cash and traded like currency.
Private companies can issue their own virtual currencies to finance specific ventures, similar to crowdfunding or bonds. And their future value can also be traded, like options. Richard Titus, an investor of cybermoney. Virtual currencies are also a potential bonanza for money launderers, online blackmailers and cybercriminals—especially in Russia. Russians have been involved in cryptocurrencies since their inception in the mid-2000s. Criminals used the first virtual currencies, such as e-gold, to commit cross-border credit card fraud.