Bitcoin is ‘most abused’ crypto by criminals

Bitcoin remains the most frequently used cryptocurrency by criminals, according to the latest report from Europol’s Internet Organised Crime Threat Assessment.

The report noted that Bitcoin is often converted to stablecoins like Tether (USDT) for stability and is still frequently encountered in cybercrime and fraud. The Tron blockchain’s lower transaction fees have made it more popular for USDT transactions.

“Bitcoin remains the most abused cryptocurrency by criminals, but the use of alternative cryptocurrencies (altcoins) appears to be increasing,” the report said.

Stablecoins with blacklisting features have enabled law enforcement to freeze suspicious funds.

Monero’s popularity in the criminal world is increasing

Monero (XMR) is an altcoin known for its emphasis on privacy and anonymity. Unlike Bitcoin, which offers a transparent ledger, Monero uses cryptographic techniques to blur transaction details.

These murky transactions make it difficult for law enforcement to track the sender, recipient, and amount of a fraudulent transaction.

The report notes that this privacy-focused design makes Monero popular with individuals seeking to maintain financial privacy and cybercriminals.

Additionally, Monero uses ring signatures, stealth addresses, and stealth transactions to ensure user anonymity. These features allow it to be used in a variety of illegal activities, such as ransomware attacks, where perpetrators demand payment in Monero due to its untraceable nature.

According to the report, Monero is used to purchase illegal goods and services on the dark web because its privacy features help it evade law enforcement scrutiny. Despite its controversial uses, Monero is also valuable for legitimate privacy-focused financial transactions.

Europol mentions other crypto money laundering techniques

The report also touched on crypto money laundering techniques that vary in complexity depending on the nature of the crime.

Investment scammers often rely on simple and common methods, relying on traditional channels such as money carriers and international bank accounts. However, encrypted messaging apps are now preferred for cash-to-crypto transactions, bypassing compliance checks and concealing identities.

The use of crypto debit cards in cybercrime is also increasing.

“The use of cryptocurrency debit cards has also resurfaced, as they can be used to quickly convert cryptocurrencies into cash at ATMs,” the report said.