Criminals laundered five times more money through cryptocurrencies in 2020 year
Scammers have learned to launder money through anonymous crypto wallets
Finding scammers has become much more difficult
Only a small part of money is laundered through cryptocurrencies
Scammers have learned to hide their identity using anonymous cryptocurrency wallets. Now detecting cybercriminals has become much more difficult
Cybercriminals are getting smarter and more sophisticated in money laundering through cryptocurrencies. Despite to the fact that blockchain is an pretty transparent shipping tool cryptocurrencies, using anonymous wallets allows scammers to hide his identity from law enforcement.
According to a study by a forensic science company digital currencies Elliptic, at least 13% of all bitcoin crime proceeds went through anonymous wallets. For comparison: in 2019 year this index did not exceed 2%.
“Using anonymous wallets makes it nearly impossible to track funds, special if you are performing a series of transactions. it big problem for law enforcement. It means that they are, probably deadlocked, ”said the doctor Tom Robinson, main Researcher at Elliptic.
Anonymous wallets to help scammers
Elliptic found that most of the $ 120K in bitcoins raised by hacking accounts of a number of well-known users Twitter in July, went through a confidential wallet, as well as a portion of $ 280 cryptoassets million, stolen from the Asian KuCoin exchange in September.
The study also describes the use of decentralized exchanges – platforms not operated by a particular company to launder funds.
According to Elliptic, although the total volume of illegal activity with cryptoassets in absolute terms is the last years has grown, it accounts for less than 1% of all digital transactions, up from 35% in 2012.
Cryptocurrencies have nothing to do with it
WITH opinion Elliptic researchers agree and other experts who argue that money laundering through cryptocurrencies is much more difficult, than through banks. Previously BeInCrypto reported that the Research Unit of the Mexican Ministry of Finance concluded that for money laundering more often Total banks are used that are part of the so-called “Big Seven”.
And the recent leaked CEN files only confirmed this statement. According to received data, the most high-profile cases of money laundering were associated with large banks. The list included such company, like HSBC, Central UAE bank, Barclays and others. When this in CEN files not It was no company, which would provide services for the purchase or sale of cryptocurrencies.
“Any the significant amount of money you want to transfer into cryptocurrency is very difficult to transfer anonymously. There are third party monitoring tools and databases that may match many addresses with famous people “, – stated Changpeng Zhao.
Zhao himself considers, that the future belongs to a free economy, in which the state will not be able to support banks at the expense of cryptocurrencies.
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