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Europol investigates crypto crime and comes to surprising conclusions

Europol investigates crypto crime and comes to surprising conclusions

The crypto industry has grown rapidly in recent years, but unfortunately crime in the crypto sector has also skyrocketed. Unfortunately, criminals also like to use the latest technologies. However, this is becoming increasingly rare as people seem to be starting to realize that blockchain is not that useful if they want to cover up their fraudulent activities.

Crypto is becoming less and less popular in the criminal world

This is what Europol writes in an investigation entitled “The other side of the coin”. In 58 pages, it goes into detail about how all types of fraud work today. This includes everything from phishing and hacking to tax fraud and money laundering.

Cryptocurrencies and blockchain also play a role, although this market only accounts for 1% of the total transaction volume. This immediately dispels one of the biggest myths about cryptocurrencies; Clearly, crypto will not be the darling of criminals. Most appear to simply be using the regular financial system, albeit in an unprecedented way.

In fact, crypto is becoming less and less popular among criminals. The 2022 crypto bear market caused a “parallel decline in crypto fraud revenue.” Fraudsters who focused on crypto scams simply saw their chances of winning big becoming increasingly slim.

At least as importantly, governments have done their best to make crime in this sector as difficult as possible. Most blockchains are transparent. If you have the right data, you can figure out how coins flow through the underworld.

The mandatory identity check on crypto exchanges seems to be an important factor. Individual wallet addresses will soon also have to be reported if you want to use crypto exchanges.

This makes it very difficult for lawbreakers to abuse the crypto industry for malicious purposes. According to the international police organization, this is already noticeable. Unfortunately, the organization does not provide any additional amounts or percentages.

Crypto crime still continues

Although Interpol mentions a decline, it is not clear what type of decline it is. Crime in the young sector still exists and, according to some information, it is even flourishing. At the beginning of 2023, the extent of criminal crypto activity was drastically lower than the year before, but it is now steadily increasing again.

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