HomeCryptocurrencyFACT CHECK: Crypto is increasingly being used for criminal activity and is a haven for illicit…
FACT CHECK: Crypto is increasingly being used for criminal activity and is a haven for illicit…
May 6, 2021
FACT CHECK: Crypto is increasingly being used for criminal activity and is a haven for illicit finance
Becausecryptocurrency is still new, we are often asked about the biggest myths surrounding it. It’s common for a new market or product to confuse people, until they get familiar with it. Think about Airbnb: the idea of staying in a stranger’s home seemed crazy until it didn’t.
One of the most widespread but false notions about crypto is that it is mostly used by bad actors for illicit financing.
Myth #3: Cryptocurrency makes it harder for law enforcement to investigate malfeasance.
Crypto is easier to track because searchable public databases (blockchains) already exist for the majority of transactions. Even the Department of Justice says so.
This gives law enforcement access to substantially more information than a case involving cash, including the date, time, and amount of the transaction, as well as the type of crypto used, the wallet address involved, and the unique transaction identifier (hash value).