According to a recent report by Europol on the assessment of online organized crime threats, Bitcoin remains the most exploited cryptocurrency by criminals.
the a report Note that Bitcoin is often converted to stablecoins like Tether (USDT) for stability and is still frequently encountered in cybercrime and fraud. The low transaction fees of the Tron blockchain have made USDT transactions more popular.
“Bitcoin remains the most abused cryptocurrency by criminals, but the use of altcoins (alternative currencies) appears to be growing,” the report said.
Stablecoins with blacklist functionality allowed law enforcement agencies to freeze suspicious funds.
Monroe’s popularity in criminal circles increased.
Monero (XMR) is an altcoin known for its emphasis on privacy and anonymity. Unlike Bitcoin, which offers a transparent record, Monero uses cryptographic techniques to hide transaction details.
These unclear transactions make it difficult for law enforcement to track down the sender, recipient, and amount of the fraudulent transaction.
According to the report, this privacy-focused design has made Monero a popular currency among individuals seeking to maintain financial confidentiality and among cybercriminals.
Monero also 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, where its privacy features help it evade scrutiny from law enforcement. Despite its controversial uses, Monero is also valued for legitimate, privacy-focused financial transactions.
Europol mentions other crypto money laundering techniques
The report also touched on cryptocurrency laundering techniques that evolve with varying degrees of sophistication depending on the nature of the crime.
Investment scams often use simple and common methods, relying on traditional channels such as money laundering and international bank accounts. But encrypted messaging apps are now favored for exchanging cash for cryptocurrencies, bypassing compliance checks and hiding identities.
There is also an increasing use of encrypted debit cards in cybercrime.
“Cryptocurrency debit cards have also made a comeback, as they can be used to quickly convert cryptocurrencies into cash at ATMs,” the report said.
