Europol: Bitcoin is ‘most abused’ crypto by criminals

According
to
a
recent
report
from
the
Europol
Internet
Organized
Crime
Threat
Assessment,
Bitcoin
remains
the
most
commonly
exploited
cryptocurrency
by
criminals.

The

report
noted
that
Bitcoin
is
often
converted
to
stablecoins
like
Tether
(USDT)
for
stability
and
is
still
frequently
encountered
in
cybercrime
and
fraud.
The
Tron
blockchain’s
lower
transaction
fees
have
made
it
more
popular
for
USDT
transactions. 

“Bitcoin
is
still
the
cryptocurrency
that
is
most
abused
by
criminals
but
the
use
of
alternative
coins
(altcoins)
seems
to
be
growing,”
the
report
read. 

Stablecoins
with
blacklisting
functionality
have
allowed
law
enforcement
to
freeze
suspicious
funds.

Monero’s
rise
in
criminal
popularity 

Monero
(XMR)
is
an
altcoin
known
for
emphasizing
privacy
and
anonymity.
Unlike
Bitcoin,
which
offers
a
transparent
ledger,
Monero
uses
cryptographic
techniques
to
blur
transaction
details. 

These
blurred
transactions
make
it
hard
for
law
enforcement
to
trace
a
fraudulent
transaction’s
sender,
recipient,
and
amount. 

According
to
the
report,
this
privacy-centric
design
has
made

Monero
popular
among
individuals
seeking
to
maintain
financial
confidentiality
and
among
cybercriminals. 

Also,
Monero
uses
ring
signatures,
stealth
addresses,
and
confidential
transactions
to
ensure
user
anonymity.
These
features
allow
it
to
be
used
in
various
illicit
activities,
such
as
ransomware
attacks,
where
perpetrators
demand
payment
in
Monero
due
to
its
untraceable
nature.

According
to
the
report,
Monero
is
used
on
the
dark
web
to
purchase
illegal
goods
and
services,
as
its
privacy
features
help
it
evade
law
enforcement
scrutiny.
Despite
its
controversial
uses,
Monero
is
also
valued
for
legitimate
privacy-focused
financial
transactions.

Europol’s
mention
of
other
crypto-money
laundering
techniques 

The
report
also
touched
on
cryptocurrency
laundering
techniques
that
are
evolving
with
varying
complexity
based
on
the
nature
of
the
crime. 

Investment
frauds
often
use
simple
and
common
methods,
relying
on
traditional
channels
like
money
mules
and
international
bank
accounts.
But,
encrypted
messaging
apps
are
now
preferred
for
cash-to-crypto
exchanges,
bypassing
compliance
checks
and
hiding
identities.

There
is
also
increasing
use
of
crypto
debit
cards
in

cybercrime. 

“The
use
of
cryptocurrency
debit
cards
has
also
re-emerged,
as
these
can
be
used
to
quickly
convert
cryptocurrency
to
cash
at
ATMs,”
the
report
read