Chainalysis Report Says All But 5% Of Cryptocurrency-Related Crimes Focus On Bitcoin

95% Of All Crypto Crimes Involve Bitcoin, Chainalysis Exec Affirms

Bitcoin is not only the king of cryptos, but it also seems to be the king of crypto criminals. According to a new allegation made by Jonathan Levin, the co-founder, and COO of Chainalysis, at least 95% of all crypto-related crime that is currently being investigated by law enforcement involves Bitcoin.

Chainalysis is a software provider that helps law enforcement to pursue criminals which use cryptocurrencies. In a curious surprise, since Monero is considered by some deep web criminals as the most secure token, the truth is that almost everybody just uses the popular Bitcoin, which is deemed by the group as the favorite of hackers and criminals by far.

According to Levin, law enforcement needed to take more “sophisticated approaches” when tacking crypto criminals. He also affirmed during his interview with Fortune that terrorism financing powered by BTC was just starting and that it could grow in the future.

Levin also talked about how law enforcement is having some success in tracking drugs sold with BTC. Some of them, according to him, come from China, especially illegal opioids, which comes from pharmacies in the country or from services that supply people with the chemicals that they need to create their drugs like fentanyl.

Since Bitcoin, unlike Monero, is very transparent, law enforcement is creating strong cases against the suspects, especially when you consider how slow and hard it is to track accounts in traditional finance, especially the ones involving foreign banks.

While the criminals believe that they are protected by using BTC, the truth is the exact opposite, they are even more out in the open this way because they do not have the banks to protect them.

Even though Bitcoin is the king of crypto criminals, Levin and his company have set up a monitor for 10 popular cryptos and some stablecoins to investigate them as well. This includes illegal activities like the hack of crypto exchanges, a problem that spiked last year and it seems to be far from over now.

Another popular case being investigated by Chainalysis is the one from QuadrigaCX, the major Canadian crypto exchange which went bankrupt after its CEO took all the investors’ money to the grave when he died, as he was the only one with the private keys to the company’s wallets.

The situation was even worse, as the Chainalysis exec revealed that the team discovered that some of the “lost funds” never even existed, really. They quickly found out that the funds reported being lost where never in the possession of the exchange in the first place, which is a pretty serious criminal offense.

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Gabriel Machado
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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