Monero: 50 percent plus – 330 million dollars in Bitcoin laundered
Digital currencies such as Bitcoin, Ethereum or Monero are increasingly being used for money laundering activities. As embattled criminals increasingly use anonymous coins, law enforcement agencies are facing major challenges.
330 million dollars laundered in three years
A recent BBC report highlights the activities of a Chinese group that is said to have laundered more than 330 million dollars worth of Bitcoin through Monero in three years. The activities of such criminal networks have been increasing steadily over the past few years.
Law enforcement officers rely on Chainalysis
Blockchain analysis company Chainalysis is one of the few firms capable of mapping the usually anonymous transactions of various cryptocurrencies. Using forensic methods, the company supports law enforcement authorities in discovering and tracking down illegal transactions.
Monero’s advantage: untraceability
Monero enjoys increasing popularity among criminals due to its anonymity. Transactions cannot be tracked, making it particularly attractive for illegal activities. The anonymity of Monero has long been a thorn in the side of authorities.
Recent development: Monero’s 50 percent plus
Possibly driven by increased popularity among criminals, the digital currency Monero has recently experienced a price increase of more than 50 percent. Monero’s listing on major crypto exchanges could fuel its popularity even further.
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