Europol, the EU's law enforcement agency, claims that criminal cases involving Bitcoin are now on par with those involving altcoins. This sounds surprising, given the widespread belief that Bitcoin is utterly dominating the crypto market. Yet, it is time to say goodbye to the old prejudices. Altcoins are on the rise, whether you like it or not. Criminal world has spoken.
This revelation comes from Europol latest Internet Organised Crime Threat Assessment (IOCTA).
The report, released on Monday, highlights a surge in crypto use for illegal activities. Altcoins, in particular, are gaining traction among criminals.
Ransomware attackers still prefer Bitcoin for payoffs. It's easier to get hold of than other tokens. But some crooks are branching out. They're now demanding payments in coins like Monero.
Europol tweeted about the report's findings. "In 2023, millions of victims across the EU were attacked and exploited online on a daily basis," they said.
The crypto market's evolution is opening new doors for scammers. Europol warns that the growing number of crypto ETFs could be ripe for exploitation.
Investment fraudsters are getting savvy. They're increasingly converting Bitcoin to stablecoins like Tether's USDT. Why? Stablecoins are less of a rollercoaster ride when it comes to price.
Investigators have noticed something interesting about Tether. It's popping up more on the Tron blockchain than Ethereum. The likely reason? Lower transaction fees on Tron.
Non-compliant services continue to be a thorn in the side of crypto investigators. Some companies are playing ball with law enforcement. But offshore services? They're still a headache, often leading to drawn-out legal procedures.
Crypto laundering got a facelift in 2023. Swapping services are all the rage among criminals now. They're using these to cover their tracks, swapping to privacy coins for anonymity and stablecoins for stability.
Last month, Europol raised another red flag. Crypto mining could be a new frontier for money laundering. Criminals can use it to hide dirty money and even turn a profit. The BitClub Network case is a prime example. It showed how mining pools can fuel Ponzi schemes, robbing victims of hundreds of millions of euros.