Thailand Remains Major Target for Crypto Crimes

Thailand Remains Major Target for Crypto Crimes

Thailand’s institutional advisors, the Institute of Justice (TIJ and the UN Office of Drugs and Crime (UNODC) predict continued misuse of cryptocurrencies by people to engage in a variety of crimes, in the coming days.

Dark Web beckons cryptocrime

The organizations believe that the government needs to act fast and effectively in containing the crime rates as the people come to engage more comprehensively in these virtual currencies.
The predictions come on the back of recent collaborative research by the two institutions showed that criminal components were exploiting the benefits of cryptocurrencies for funding illegal operations, psychological warfare, tax avoidance, purchase of explicit entertainment, malware, drugs and other opiates as well as guns and related illegal purchases.
Criminals have found it convenient to use the dark side of the internet and exploit cryptographic money for illegal purposes. Quoting a recent incident, they referred to the latest scam by bitcoin criminals.
In the above mentioned incident, a Finnish user was stolen by Thai bitcoin users  to the tune of $34 million, which is roughly 5,500 BTC through a masquerade and successfully conning the original owner. The Thai law was able to file extortion charges against five suspects who could have been involved in the incidents. It is assumed that one alleged criminal may have already escaped from Thailand and enter safe grounds in the United States.

TIJ recommendations

The country’s topmost judicial body, predicts that the low number of incidents of such cryptocurrency crimes may increase substantially in the coming days. This is because there is an increase in the number of people who will begin to use more and more of these digitized alternatives. As the use case of these alternate coins increases substantially, it could also lead to an increase in the number of incidents across the nation.
This prediction is further reinforced by UNODC which predicts that higher interaction is needed between the provincial agents of the country in order to monitor and review the drug usage in the country.
UNODC representatives predict that the prevalence of drug usage can be seen in terms 6 billion cyber crimes occurring in the South East Asian region. The need for control over these activities becomes vital predict the representatives of the international organization in Thailand.
Cybercrime has been a major issue in the world of cryptocurrencies, especially in countries where there has been fast-adoption of digital currencies by trading communities as well as regular investors.
As the demand for these currencies increases, the number of crimes has also increased correspondingly. This has resulted in diverse number of crimes from crypto-jacking to ‘cold wallet’ crimes and even exchanges in these countries becoming easy targets of such crimes.
Organizations involved in prevention of such crimes have been seeking effective rules and policy making from governments in order to sustain the growth of such crimes. There has to be an increase pro-activity by the governments, and that includes the government of Thailand predict crime prevention bodies in the region.