• Dr. Herpy

Criminals are getting smarter in use of digital currencies to launder money

Link https://www.reuters.com/article/crypto-currencies-criminals/criminals-getting-smarter-in-use-of-digital-currencies-to-launder-money-idUSKBN28J1IX

 

You may be frightened to hear that as we develop and evolve technologically as a group, so do the criminals of that said group. It was reported that hundreds of millions of dollars worth of dirty funds were flowing through digital wallets last year. At least 13% of all criminal proceeds in bitcoin passed through privacy wallets, which makes even harder to track cryptocurrency transactions. This 13% from this year is up by about 2% from last year showing there is a steady increase in the amount of shaded crypto usage. Cryptocurrency transactions are recorded on a public ledger called blockchain which makes it easier to track fund flows. Over the years our law enforcement has gotten increasingly better at tracking this illegal crypto activity on block chains. But privacy wallets have been a huge unstoppable obstacle in the way of law enforcement. Yu may have heard of famous bitcoin heists such as the famous twitter hack where 120,000 dollars worth of bitcoin was raised or where $280 million in crypto assets were stolen from Asian exchange KuCoin in September. While the total volume of illicit activity in crypto assets has grown exponentially, it still accounts for less than 1% of all digital transactions

This is a very serious issue we are now facing that needs to be dealt with. Criminals are becoming smarter by the year, and as you read, law enforcement is way behind the curve on this issue. This is a big deal. Bitcoin is an unregulated cryptocurrency independent from government control. Law enforcement need to really start cracking down and finding ways to stop this sort of illegal transactions, because it is growing at an alarming rate