Criminals prefer cash to cryptocurrencies for scams
According to a recent study by the Crypto ISAC platform, criminals continue to prefer cash as a means for their illicit acts to cryptocurrencies
A study by the Crypto ISAC platform has revealed the preference of criminals for cash for their misdeeds over cryptocurrencies.
Cash leaves no digital footprint, making it almost impossible to detect illicit transactions. Hence, it is the preferred tool of criminals.
In contrast, in the case of cryptocurrencies, blockchain technology “offers greater transparency and traceability.”
Crypto ISAC details in the report that although “it is impossible to track the exact amount of illicit activity in the traditional financial space, the estimated amount of money laundered globally in one year is 2-5 % of the world’s GDP, that is, between 800,000 and 2 trillion dollars.”
For its part, the blockchain company Chainalysis detailed that last year, only “0.34 % of the transaction volume on the chain was linked to illicit activities.”
In any case, cryptocurrencies have been linked to illegal transaction for a long time because of the collapse of exchanges that, in any case, only represent a small part of the total cryptocurrency volume.
M.Pino
Source: cripto247
(Reference image source: Pepi Stojanovski in Unsplash)
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