Tokyo’s Coincheck incorporated will be coughing up 425 million dollars to pay back their customers, after a remote hack became the biggest digital heist in history. Sputnik spoke to Dr Iwa Salami, senior lecturer in Law at the University of East London, to try find out what could make cryptocurrencies more secure.
Iwa Salami: The blockchain technology behind the cryptocurrencies is a brilliant thing. It has the potential to facilitate commercial transactions, and also can be used in a great variety of ways to enhance commercial transactions, to make them quicker and more efficient.
So the technology itself is not the problem, the issue is that when the blockchain is used to facilitate decentralized cryptocurrencies, it becomes an issue when those currencies can be used to facilitate illegal activities. There is evidence that cryptocurrencies such as Bitcoin and Monero are used to facilitate criminal activities on the dark web.
So things like drug sales- and there is growing evidence towards these cryptocurrencies facilitating money laundering. Very recently, as well, it has been revealed that these currencies can be used to facilitate terrorism financing.
The financial actions have been enforced with evidence that Bitcoin has been used to facilitate terrorism financing activities. ‘Hacks Can Be Prevented If Companies Test Product Before Launching’ — Consultant Now these technological innovations operate in such a way that hides the identity of the individuals making the transactions. Read more from sputniknews.com…
thumbnail courtesy of sputniknews.com