Bitcoin Europol: Europol says fraudsters and thieves prefer Bitcoin. Wide recognition and great liquidity make it a tempting platform for illegal activity. Despite the rise of other cryptocurrencies, Bitcoin remains popular in the criminal underworld due to its existing network and ease of conversion into fiat currency. Criminals prefer Bitcoin for its privacy. Bitcoin transactions are recorded on a public ledger, but parties remain anonymous. Despite blockchain analytic capabilities, law enforcement struggles to track funds. This function helps criminals launder money, extort ransoms, and trade illegally on darknet marketplaces.
Europol claims a rise in ransomware assaults, with attackers requesting Bitcoin to decrypt data. The rise in ransomware incidents has highlighted Bitcoin’s importance in cybercrime. Europol and other law enforcement organizations are increasing cryptocurrency monitoring and enforcement. They are using modern analytics and international cooperation to catch cybercriminals. As long as Bitcoin is a dominant and accessible digital currency, thieves will undoubtedly be drawn to it.
Europol: Cryptocurrency crime overview
Europol released its 2024 Internet Organised Crime Threat Assessment (IOCTA) today. “The main developments, changes, and emerging threats in cybercrime over the last year” is “in-depth.” The industry is at full capacity. especially given the recent confluence of AI and cryptocurrency, which the Elliptic Structure predicted would be a nightmare. This European criminal police group appears to be more interested in Bitcoin. This opinion calls Bitcoin “the cryptocurrency most used by criminals.” She says “The use of alternative coins (altcoins) seems to be growing.” She notes that “the number of cases supported by [its services] involving only Bitcoin is almost equal to that of cases also involving altcoins.”
Bitcoin Cash in 2024
Bitcoin Cash (BCH) remains a major cryptocurrency player in 2024 due to its mission to provide a scalable and user-friendly alternative to Bitcoin. BCH’s minimal fees and focus on transaction efficiency make it a good choice for micropayments and daily transactions. The increasing acceptance of BCH in retail, online services, and remittances this year shows its expanding usability as digital cash.
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Bitcoin Cash’s developers have made significant improvements to performance and security. Smart contracts and dApps are being investigated to help BCH compete with more flexible blockchain platforms. These innovations aim to attract developers and users seeking a strong and scalable blockchain solution.
Bitcoin Cash also benefited from 2024 market conditions. BCH has thrived in a more stable environment as mainstream financial institutions and regulators adopt cryptocurrencies. Partnerships with major payment processors and merchant services have broadened its reach, making integration easier for businesses and customers.
There has been a big shift in the cryptocurrency environment with the introduction of Bitcoin Cash, which provides an alternate method of scaling and processing transactions. It continues to navigate a market that is both competitive and constantly evolving, despite the fact that it has its supporters and practical advantages.
Bitcoin Cash ETFs—New Minefield?
Europol says that crooks who use Bitcoin seem to be doing so because they want to keep things simple. Because Bitcoin is still a lot easier to get than other cryptocurrencies. But it is being changed into stablecoins more and more fast. It’s “probably because these cryptocurrencies are less subject to price volatility .” They clearly like Tether’s USDT when it’s used on the Tron (TRX) network. A blockchain that its competitor Circle (USDC) gave up on in February “as part of its risk management policy.” But it’s scary that these highly controlled stablecoins can freeze funds that are found by government agencies like the US OFAC. Something that the independent Bitcoin network clearly does not have.
Finally, Europol talks about the risks that come with the recent rise in popularity of Bitcoin-linked exchange-traded funds (ETFs). Because experts in the field think this could give thieves a new way in. Being used by crooks as a vote does not make Bitcoin a bad or risky tool. This only means that it makes it clear that it won’t be censored or controlled by the government. Since its start in 2009, this force has been used and claimed. And we can guess how important it is because of the recent world Windows outage earlier this week…
In Summary
Europol thinks hackers and thieves like Bitcoin’s popularity and liquidity. Bitcoin remains the most popular cryptocurrency for illegal activity, however others are emerging. Its vast network and easy cash conversion keep it in use in the criminal underworld. Burglars like Bitcoin’s anonymity. Public logs record transactions anonymously. Police have problems monitoring money’s origins and destinations. It’s used for money laundering, ransoms, and dark web transactions. As ransomware attacks rise, attackers demand Bitcoin to decrypt data. This graph shows how important Bitcoin is to hacking. Bitcoin is harder to regulate because of its decentralization. Europol and other law enforcement agencies are expanding Bitcoin monitoring and enforcement tools. They are investing in advanced analytics and encouraging government collaboration to catch hackers. However, since Bitcoin is popular and easy to get, thieves will continue to want it.
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