Crypto criminals seem to love Bitcoin when it comes to choosing a weapon of choice when doing the crime. The latest cryptocurrency news shows you the results from the Chainalysis firm analysis that conclude 95% of the crypto crimes are related to the number one cryptocurrency.
The results aren’t surprising since bitcoin is among the most widely used cryptocurrencies out of all 2,000 and most popular as well. Crypto criminals prefer Bitcoin according to the co-founder of Chainalysis Jonathan Levin. He says that BTC is still preferred more than privacy coins such as Monero because it is most traded. This turns out to be true since many of the recent drug busts reports show that the buyers used Bitcoin to pay the drugs.
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The forensic analysis is extremely useful for the United States Drug Enforcement Agency and Homeland Security since they are trying hard to break down illegal drug activities. While explaining the preferred weapons of the crypto criminals, Levin stated:
“There is the ability to tie some of those cryptocurrency transactions either to the pharmacies in China or to the services that people are using to distribute fentanyl. Homeland Security and the DEA have actually become really good at apprehending those people.”
Chainalysis actually makes software that can trace all of the transactions that are recorded on public blockchains to find the identity of the individual with the crypto funds. According to the coming altcoin news, the analytics company is among the best blockchain contractors by the US government. Back in 2018, it received $5.3 million from the US government. Their job is to try and analyze the behavior of the crypto criminals and to improve the tracking system.
A week ago, Chainalysis decided to expand its real-time transaction monitoring for 10 popular cryptocurrencies including Ether, Litecoin and Bitcoin since it is the favorite tool for crypto criminals. Tether was also a part of the list as a part of the game plan to take down money laundering. The company announced:
“Since 2014, Chainalysis Reactor has been recognized as the leading blockchain analytics tool, playing a critical role in combating exchange hacks, darknet markets, ransomware, and terrorist financing. Over 100 customers in 35 countries rely on Chainalysis KYT (Know Your Transaction) to screen transactions in real-time and receive alerts on suspicious activity.”
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