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By concealing identities, cryptocurrencies fuel cybercrime

The first major cryptocurrency system, bitcoin, allows users to conceal their real names

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Ari Juels | Iddo Bentov | Ittay Eyal | The Conversation

When hackers hold their victims’ data for ransom, as happened in the WannaCry and NotPetya ransomware attacks that spread across the globe in mid-2017, a key to the criminals’ success is getting away with the money. That often means they use cryptocurrencies like bitcoin to collect payment, hoping to remain hidden behind a digital mask.

The WannaCry hackers went a step farther, though. They converted their bitcoins into Monero, another e-currency designed to offer even stronger privacy.

At the Initiative for Cryptocurrencies and Contracts, we have explored