Crypto Plays A Crucial Role In Helping Combat Crime, Europol Says
As crypto use spreads to every nook and cranny of society, so does its misuse of the system to perform novel crimes and launder illicit funds. While Bitcoin and other cryptocurrencies are now being widely used in nefarious activities, the decentralized nature of blockchain technology presents law enforcement with a vital new tool to combat organized crime. […]
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Cyber crime startup Chainalysis has raised $1.6 million USD, while announcing collaboration with Europol following an uptick in Bitcoin related ransomware attacks, which included including Hollywood Presbyterian Medical Center’s recent $17,000 USD bitcoin payout. Chainalysis Partners with Europol. While a 40-bitcoin ($17,000 USD) ransom payout made its....
Abuse expands with use in the case of cryptocurrency, Europol has acknowledged while also noting that blockchain technologies offer authorities a new opportunity to fight crime. Europe’s law enforcement agency also says they can help investigate money laundering networks.
Understanding Cryptocurrencies Is Vital to Tackling Organized Crime, Europol Says
The growing use of cryptocurrency across borders and industries comes with increasing abuse, new forms of crime, and money laundering, the European Union Agency for Law Enforcement Cooperation (Europol) has concluded after....
In its latest report called the Internet Organised Crime Threat Assessment for 2015, Europol outlined the state of cybercrime threats in the European Union. The report mentions bitcoin and virtual currencies, claiming that it accounts for roughly 40% of criminal-to-criminal transactions online. This follows the agency's statement indicating that cryptocurrencies promote the crime-as-a-service business model, wherein bitcoin was highlighted for its role in facilitating money laundering. The cryptocurrency is known for its anonymous transactions, which Europol says makes it "heavily abused....
After law enforcement agencies from Austria, Bosnia and Herzegovina, Germany, and the United Kingdom met in December to plan an operation against the cybercriminal group DD4BC (Distributed Denial of Service – DDoS – for Bitcoin), an official with Europol has told Bitcoinist that Bitcoin, and other crypto-currencies, is playing an increasing role in all criminal activities. The UK Metropolitan Police Cyber Crime Unit (MPCCU) found key members of the criminal organization in Bosnia and Herzegovina leading to “vital information.” Activities were coordinated among law enforcement in Australia,....
The latest research from Europol called the Europol Internet Organized Crime Threat Assessment makes it clear how thieves’ use of Bitcoin is changing. The report talks about the use of stablecoins like Tether (USDT) and Bitcoin for illegal activities, and how Monero is becoming more popular for private transfers, among other key findings. Related Reading: […]