Regulation Causing Hackers To Abandon Bitcoin

Massachusetts-based IT storage provider EMC Corp indicates that online fraudsters and criminals are abandoning bitcoin for illegal use, Reuters reported on August 9.

The company's RSA security division said criminals are already adopting another online currency called Perfect Money to launder and conceal profits. Perfect Money has been in use since 2007, and could not be reached for comment by the media outlet.

For more on how the Liberty Reserve crackdown contributed to this migration, click here.

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