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Why curbing crypto-enabled cybercrime needs international cooperation: G20 cybersecurity summit

Global leaders discussed the need for collaboration across nations to curb cybercrime during the two-day conference on ‘Crime and Security in the Age of NFTs, AI, and Metaverse’ under the G20 banner.

"In the Digital Economic Ministers group...we are trying to have a consensus that the way the human civilization covered many crimes through international collaboration, through creating infrastructure and institutions which work across boundaries, now human society will have to work for similar institutions for cybersecurity also," Ashwani Vaishnaw, the Minister of Communications, Electronics, and Information Technology, said in his valedictory speech at the two-day conference on 'Crime and Security in the Age of NFTs, AI, and Metaverse' under the G20 banner on July 13 and 14. One of the sessions during the conference focused on the dark net and its interconnections with the cryptocurrency market, and the need for international cooperation to make it easier to track cybercriminals across borders was highlighted. Why it matters:  This session of the G20 conference revealed the challenges associated with tracking and catching cyber criminals. The points made throughout this conference highlight the need for cross-border cooperation to catch criminals, given the transnational nature of cybercrime. How is cryptocurrency used in illegal activities today? “Marketplaces where drugs, guns, human trafficking occurs, data is bought and sold, is all done in cryptocurrencies, and wholesale extortion and theft occurs using cryptocurrencies,” said Mark Turnage, the CEO of dark net monitoring company Dark Owl and one of the panelists of the session. He further added that terror financing and ransomware demands are also made through cryptocurrency and that 88% of all the transactions on the darknet are done through Bitcoin, followed closely by Monero at 75.6%. Turnage…

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