Bitcoin remains the most exploited cryptocurrency by criminals, the Europol Internet Organized Crime Threat Assessment report reveals. The report notes criminals often convert Bitcoin to stablecoins like Tether (USDT) for stability.
The Tron blockchain’s lower fees have increased its popularity 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. It uses cryptographic techniques to blur transaction details, making it hard for law enforcement to trace illicit transactions.
The report finds Monero popular among those seeking financial privacy and cybercriminals. Monero’s ring signatures, stealth addresses, and confidential transactions ensure anonymity, often used in ransomware attacks where perpetrators demand Monero.
Monero is frequently used on the dark web to purchase illegal goods and services, helping evade law enforcement due to its privacy features. 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 notes cryptocurrency laundering techniques are evolving with varying complexity. Simple methods are used in investment frauds, relying on traditional channels like money mules and international bank accounts.
Encrypted messaging apps are now preferred for cash-to-crypto exchanges, bypassing compliance checks and hiding identities. There is 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.
