Criminal Activity in Crypto: The Fact, the Fiction and the Context
Cointelegraph By Will Heasman's original article for cointelegraph.com reduced by 60%
Rotting from the inside out?While the nefarious use of crypto is still prevailing to some extent, crime within the industry seems to be boldly flourishing. According to a recent report from blockchain forensics firm CipherTrace crypto crimes have increased by 150% over the last year. According to the report, many more crypto crimes aren't even getting air time due to their relatively insignificant size compared to bigger heists.
Back in 2017, a study by the University of Oxford found that an extensive 44% of all BTC transactions were felonious in nature, associated with financing criminal activity. While it can unquestionably be argued that there is some criminal undergrowth within crypto, what about fiat? Earlier this year, U.S. Treasury Secretary, Steven Mnuchin, slammed cryptocurrencies for their part in funding illicit activity.
A briefing on the regulation of crypto observed a hyperbolic reaction from Mnuchin, who advised that digital currencies were a threat to national security, saying "Cryptocurrencies such as Bitcoin have been exploited to support billions of dollars of illicit activity." However, while attempting to cement the stigma around crypto criminality, Mnuchin failed to provide any clear context. In the end, crypto - just like any other value-based asset - will continue to be used for illicit purposes.
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CN [too long; didn’t read]
Summarised crypto news.