More than $ 500 Million in Bitcoin (BTC) Passes into the Hands of Criminals

Crypto News

Bitcoin does not fail its reputation as a favorite currency for criminals, according to a new study by Chainalysis. More than half a billion dollars in Bitcoin would have passed through criminal networks in 2019, according to the research firm’s revelations.

Bitcoin and crime

The finding is worrying for those who engage in trading Bitcoin legally. A recent study by Chainanalysis suggests that the amount of bitcoin transactions involved in illegal activities has been more than half a billion dollars since the beginning of the year.

“The situation is not improving for financial regulators,” announces the report Chainanalysis, which anticipates more than a billion transactions “criminal” in Bitcoin by the end of 2019.

However, Chainanalysis’s revelations do not reflect the low proportion of fraudulent Bitcoin transactions on all transfers made via Satoshi Nakamoto’s currency .

“According to our study, the total percentage of Bitcoin identified in trading services was relatively low. Only 0.61% of the money coming into these services over the four years analyzed came from illicit sources, “argues another Elliptic firm study.

Illicit activities flourish thanks to Bitcoin

Several marketplaces on the Darknet allow to spend and receive anonymously Bitcoin , creating a climate conducive to illegal activities. On this network, where various forms of traffic are developing, bitcoin (BTC) is in pole position of the transfer means, followed by the Monero (XRM).

As recently as June, three young people aged 22, 23 and 24 were sentenced by the Boston Federal District Court for the sale of narcotics (MDMA, Ketamine, and Xanax) on the Darknet. The US authorities seized more than $ 200,000 in BTC in connection with the case.

According to Kim Grauer, the high volatility present on the crypto-market does not seem to slow the use of Bitcoin on the Darknet.

“For those who want to buy something on the Darknet, the fact that the price of bitcoin fluctuates does not really matter,” he said.

What do you think about these alarming statistics regarding the use of Bitcoin in criminal activities? Give us your opinion in the comments section below.

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