Bitcoin-related crimes – only 10%
The Bitcoin and related cryptocurrencies are being used for different criminal activities all over the world – little wonder, it’s common knowledge nowadays. Starting from the basic stuff like money laundering and going on to drug and weapon trafficking and so on.
However, the latest report by the US Drug Enforcement Administration (DEA) announced a significant decrease in the use of Bitcoin in criminal activities. As representatives of the agency noted, only 10% of all transactions are related to crime, while their aggregate volume has grown substantially, Bloomberg reports.
As stated by DEA special agent Lilita Infante, over the past five years the number of legal Bitcoin-transactions has exceeded the illegal ones.
“The volume of [transactions] has grown significantly, and their number has also increased. However, in percentage terms the number [illegal transactions] have decreased,” she said.
Such data, Infante said, had been obtained as a result of an analysis of the blockchain data, which DEA started in 2013 after it drew attention to an increase in the use of the Bitcoin in the cases under investigation.
As of today, she says, only 10% of transactions are related to criminal activity; basically the Bitcoin is more used for speculation.
Lilita Infante is also a member of the US Department of Justice’s Cybercrime Investigation Unit. The group consists of 10 people and focuses on the darknet and investigation of cases involving crypto-currencies.
Statements that criminals choose cryptocurrency as an alternative to cash, using it for money laundering and terrorist financing, have long been heard by critics of Bitcoin. First of all, this applies to representatives of central banks, who also regularly repeat the mantra about the “anonymity” of Bitcoins.
The last statement, as is known, is far from the truth, moreover, as Lilita Infante says, even if less liquid coins like Monero and Zcash give more anonymity, its department can cope with this challenge.
“The blockchain gives us many tools for identifying people. Truth be told, I would like that they continued to use crypto-currencies, ‘she added.
Back in July, US President Donald Trump signed a decree on the creation of a working group, whose tasks will be, among other things, the investigation of crimes committed using the Bitcoin and other digital currencies. The crypto industry is mentioned in the context of fraud, the fight against which is one of the priority tasks facing the US authorities.
Time goes forwards, and governmental positions regarding digital currencies are still strict, but the reality check is always useful when making statements about cryptocurrency involvement in fraud and crime activities.