The world of cryptocurrencies has long been touted as one that is “perfect for laundering” and ideal for fraud schemes. However, a new study emerged in the latest cryptocurrency news, showing that money launderers are actually (still) more keen on using fiat rather than cryptocurrencies – when laundering money.
Even though the number of detractors has substantially increased over the years, the money launderers are apparently moving in the same direction – they prefer fiat over crypto when laundering. The study has shown that things are far from what they seem or what they are illustrated like on the many best cryptocurrency news sites.
Carried out by the cryptocurrency intelligence firm Messari, the new research shows that contrary to public consensus among the crypto detractors, fiat currencies are still used more as the currency of choice for money launderers, scammers and hackers on the Dark Web.
Citing sources from both the United Nations Office of Drugs and Crime and the popular blockchain analysis firm Chainanlysis, the report found that the ratio of Dark Net money laundering operations carried out with fiat currencies compared to the ones using crypto assets is at a staggering rate of 800:1 (in favor of fiat, of course).
The research was carried out in light of the criticism coming from Mr. Steve Mnuchin, who is the Secretary of the United States Treasury.
As an earlier press conference showed, Mnuchin echoed the sentiments of the President Donald Trump, stating that “Cryptocurrencies such as Bitcoin have been exploited to support billions of dollars of illicit activity like cybercrime, tax evasion, extortion, ransomware, illicit drugs, and human trafficking.”
And while the top regulators think that money launderers are more keen on crypto, the facts showed the very opposite. As the research notes, it seems that crypto is the lesser of two evils. And while there are definitely cases with money laundering using crypto, fiat currencies are still the preferred method of choice.
In numbers, we can refer to the coming altcoin news showing that JPMorgan Chase was recently seized with $1.3 billion worth of cocaine on it. In contrast, only around $500 million in crypto assets has been spent by criminals since the beginning of this year.
And while crypto assets are definitely dangerous for the financial system, painting the picture of criminals using them and only them is definitely something taken out of the blue.
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