Doc. dr. Zoran Kovačević
Doc. dr. Zoran Lakić
Objavljeno u Izdanju 1., Godina 6.
DOI: https://doi.org/10.70329/2744-2403.2026.6.11.14
Ključne riječi: kriptovalute, blockchain forenzika, pranje novca, organizovani kriminal, privacy coins, DeFi, FATF, MiCA, ransomware, Lazarus Group.
Sažetak:
Ovaj rad analizira transformativnu ulogu kriptovaluta u infrastrukturi savremenog organizovanog kriminala, argumentujući da blockchain tehnologija nije samo novi alat za stare kriminalne prakse, već da konstituiše kvalitativno novu kriminalnu ekonomsku arhitekturu koja mijenja temeljne odnose između kriminalnih aktera, žrtava i institucija. Kroz sistematsku analizu tehničkih mehanizama od Bitcoin pseudoanonimnosti i privacy coins, do DeFi protokola i cross-chain hopping tehnika, rad mapira evoluciju kriptovalutnog pranja novca od primitivnih jednokratnih transakcija prema sofisticiranim, višeslojnim operacijama koje kombinuju tehnološku sofisticiranost s institucionalnim ranjivostima globalnog regulatornog mozaika. Posebna analitička pažnja posvećena je slučajevima koji demonstriraju konvergenciju kriptokriminala s državnom strategijom, tj. ransomware koji funkcionišu kao paraziti na globalnoj digitalnoj ekonomiji, DeFi eksploatacijama koje u minutama dreniraju stotine miliona dolara, i sjevernokorejskim državno-sponzorisanim hakerskim operacijama koje finansiraju zabranjene oružane programe pod sankcijama. Rad evaluira regulatorne odgovore poput MiCA, FATF Travel Rule i OFAC sankcije, te identifikuje sistemske praznine koje ostavljaju DeFi i peer-to-peer sistem izvan efektivne regulatorne kontrole. Zaključak poziva na fundamentalnu promjenu paradigme regulatornog pristupa, i to od retrospektivne forenzike prema prospektivnoj arhitekturi transparentnosti koja mora biti ugrađena u same protokole.
Abstract:
This paper analyses the transformative role of cryptocurrencies in the infrastructure of contemporary organised crime, arguing that blockchain technology is not just a new tool for old criminal practices, but constitutes a qualitatively new criminal economic architecture that changes the fundamental relationships between criminal actors, victims and institutions. Through a systematic analysis of the technical mechanisms from Bitcoin’s pseudo-anonymity and privacy coins, to DeFi protocols and cross-chain hopping techniques, the work maps the evolution of cryptocurrency money laundering from primitive one-off transactions towards sophisticated, multi-layered operations that combine technological sophistication with the institutional vulnerabilities of the global regulatory mosaic. Particular analytical attention is paid to cases demonstrating the convergence of crypto-crime with state strategy, i.e. ransomware operating as parasites on the global digital economy, DeFi exploits that drain hundreds of millions of dollars in minutes, and North Korean state-sponsored hacking operations that fund banned weapons programs under sanctions. The paper evaluates regulatory responses such as MiCA, the FATF Travel Rule and OFAC sanctions, and identifies systemic gaps that leave DeFi and peer-to-peer systems outside effective regulatory control. The conclusion calls for a fundamental paradigm shift in the regulatory approach, from retrospective forensics to a prospective transparency architecture that must be built into the protocols themselves.
