The European Union’s police force, Europol, has revealed that the number of crimes it deals with involving Bitcoin is almost the same as those involving altcoins.
The information comes from the latest “ Internet Organized Crime Threat Assessment ” (or Internet Organized Crime Threat Assessment – IOCTA), released on Monday (22/07). In the document, the agency highlighted an increase in the use of cryptocurrencies in various criminal activities. Specifically, a notable increase in the use of altcoins for criminal purposes was found.
The agency noted that ransomware attackers primarily request Bitcoin for ransom payments because it is easier to obtain than other tokens. However, there have been cases where demands have been made for other cryptocurrencies, such as Monero.
🚨In 2023, millions of victims across the EU were attacked and exploited online on a daily basis.
📍Today, Europol published the Internet Organised Crime Threat Assessment (IOCTA) on:
🔴Key developments, changes & emerging threats in cybercrime.
More⤵️https://t.co/kTPaDMkHaV
— Europol (@Europol) July 22, 2024
Crypto market developments open doors for new scams
Europol also warned that recent developments in the crypto market could influence how criminals exploit cryptocurrencies. In particular, scammers are starting to take advantage of the growing number of cryptocurrency-related exchange-traded funds (ETFs), it explained.
In cases of investment fraud, there is a growing trend of converting Bitcoin into stablecoins such as Tether (USDT). This is mainly due to the fact that stablecoins have less volatile prices.
Additionally, researchers found a higher prevalence of Tether on the Tron blockchain than on the Ethereum blockchain. This is likely due to the lower transaction fees on Tron.
Furthermore, the involvement of non-compliant services continues to pose significant challenges in crypto investigations. While some companies have improved their cooperation with law enforcement, services based in offshore jurisdictions often lead to lengthy mutual legal assistance procedures.
Europol exposes crypto exchange for money laundering
Europol also reported an increase in crypto laundering through exchange services in 2023. Criminals use these services to hide their funds – exchanging them for privacy coins to gain anonymity and for stablecoins to gain price stability.
Last month, Europol sounded the alarm about crypto mining’s potential for money laundering. A report from the agency warned that criminals could use mining to hide illicit gains and even turn a profit.
For example, the BitClub Network case exposed how mining pools can be misused to fuel Ponzi schemes, stealing hundreds of millions of euros from victims.
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