thecoinrepublic.com
- Crypto crimes are a huge concern for everyone, including authorities.
- Svetlana Martynova, UN Coordinator of Countering Terrorism Financing highlited how cryptos are used for financing crimes.
- UN Secretary-General Antonio Guterres warns that emerging technology used by terrorists can create havoc.
Emerging trends and innovations in the crypto sector have been well known to people for many years. Its mass adoption globally is increasing. But, in 2022 sets a new record aligning to the total value of cryptocurrencies robbed by criminals. It is noted that there is a huge threat because of the total $3 billion.
From remittance payment to worldwide transfers, they have proven to be flexible for those who access it. In between the popular usage of crypto, it is noticed by security personnel that criminals and terrorists are rapidly adopting to fund terrorism and finance crimes.
The coordinator of the UN team for Countering Terrorism Financing, Sveltana Martynova spotted her views on the widespread use of crypto for committing crimes. The representative told that massive terrorist groups have started adopting to fund through crypto for criminal activities.
She said at the special meeting of the Counter Terreorism Committee held in New Delhi and Mumbai- “countering the use of new new and emerging technologies for terrorist puposes”.The sole purpose of the meeting was the brainstorm the strategies to fight against the use of crypto by terrorists.
Havoc caused by looming technology is not limited only to terrorism: UN Seceratary General
Continuing to the talk of Martynova, previously cash and hawala were the methods used for terror financing, terrorist have now already learnt the technology and has before hand adopted it.
Also, UN Secretary-General Antonio Guterres highlighted a few points on the same discussion. He noted about that the blockchain technologies have immense potential to enhance the lives of humans, but their drawbacks are exceeding far than terror financing.
Data reports that crypto-based crime hit a new all-time high in 2021, crossing to loot of approx $14 billion as compared to $7.8 billion in 2020. Actually getting to the overview, crypto has some features that attract bad activists to perform illicit activities.
Guterres also told that how technology is being used by criminals and terrorists in misleading data, circulate resources, accomplish hazardous attacks, etc.
UN sets Global Standard to Win
The UN has made few strategies in order to fight crypto crimes. Martynova has also noted that specific global standards are being created by the Financial Action Task Force (FATF) combining the resolutions of the United Nations Security Council (UNSC).
A team known as Crypto Incident Response Services by Chainalysis basically formed for the urgent need to monitor crypto thefts and frauds. Erin Plante, Senior director of investigations and special programs at Chainalysis siad- “There’s a period of time right at the beginning, where it’s really important to surge on getting 24/7 tracing on the funds as they move.”