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Bitcoin Related Crime Activities Drops To 10 Percent

Bitcoin has lost its luster with its most avid and earliest fans – criminals, according to the United States DEA (Drug Enforcement Administration). The agency noted that the role of BTC in crimes has come down to a meager 10 percent of total transactions, although the total volume of transactions has gone up considerably.

One of the special agents of the Drug Enforcement Administration, Lilita Infante shared this interesting detail in an interview. Infante explained that the use of Bitcoin came down to only 10 percent of the transaction volume. Despite the fact, there has been a significant jump in the total number of transactions.

Infante is a member of the prestigious Cyber Investigative Task Force, which constitutes of 10 people. She remarked that the ratio of the legitimate versus illegitimate transactions related to Bitcoin has gone up over the last five years.

Meanwhile, Europol, the law-enforcement agency of the European Union had sent an alert in 2017. The agency mentioned in one of its reports that an increasing number of criminals are favoring other digital currencies such as Ethereum, Monero, and Zcash over Bitcoin.

Incidentally, privacy coins like Monero have been designed to bypass tracking. The popularity of the cryptocurrency saw a surge since law enforcers have been using various software tools to keep a strict vigil on people using Bitcoin.

DEA Has Ways of Monitoring Monero And Zcash

Detractors of the cryptocurrency space have always maintained a stand that criminals turn to the digital currencies as an intelligent alternative to fiat currencies. The same set of the critics has expressed their pessimism pertaining to the future of Bitcoin.

With the increasing popularity of Bitcoin, legitimate trading forms a majority of the total activities. Infante added that a majority of the crypto transactions for the currency are being utilized for price speculation.

According to Cointelegraph, the agent also mentioned that though some of the other virtual coins are more anonymous and less liquid than Bitcoin, the agency has means of tracking such currencies too. She was referring to Zcash and Monero, which are lately being preferred by cybercriminals.

 

 

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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Pala Sen is an avid follower of fintech, travel and health updates, current affairs and entertainment news from all across the world and writing is a passion for her. She had been previously associated with the corporate world for several years and holds a degree in MBA and a postgraduate software diploma called GNIIT from NIIT.

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