Europol: Crypto Criminals Still Prefer Bitcoin Despite Privacy Coin Options

IconCryptoNewsTerminal Staff23 Jul, 2024

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Europol: Crypto Criminals Still Prefer Bitcoin Despite Privacy Coin Options

Europol's latest report reveals that Bitcoin (BTC) remains the cryptocurrency of choice for criminals, despite the availability of privacy coins like Monero (XMR). According to the report, "The most demanded payment option by ransomware criminals is still bitcoin." This preference is attributed to Bitcoin's lower barrier to entry compared to other options. However, the report also notes a trend of criminals converting their illicit BTC into stablecoins to mitigate market volatility, particularly in investment scams. Additionally, Europol expresses concerns about the potential impact of a Bitcoin spot exchange-traded fund (ETF) on criminal activity. They suggest that crypto ETF issuers, who typically hold large amounts of the underlying crypto assets, could become targets for criminals.

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