Bitcoin no longer crypto of choice for illicit crypto activity: TRM Labs
Bitcoin usage in illicit crypto transactions is down as criminals turn to other networks such as Ethereum and Tron. ...
- Cybercriminals are moving away from Bitcoin as their primary method of moving illicit funds.
- TRM Labs' "Illicit Crypto Ecosystem Report" reveals a significant decrease in illicit finance volumes involving Bitcoin over the past seven years.
- Cash and other fiat-related finance remain the default means of criminal money movements.
- The multi-chain era has led to a qualitative leap away from Bitcoin, with Ethereum and BNB Smart Chain taking up a larger share of illicit transactions.
- Tron has replaced Bitcoin as the exclusive currency for terrorist financing.
- There has been a 240% increase in the use of Tether (USDT) among tracked terror financing entities.
- Bitcoin has seen institutional adoption, but it has also been involved in Ponzi schemes, darknet markets, and DeFi hacks.
The article provides a mix of positive and negative sentiments. On one hand, it highlights a decrease in illicit finance volumes involving Bitcoin and the potential for institutional adoption. On the other hand, it mentions the involvement of Bitcoin in Ponzi schemes, darknet markets, and DeFi hacks.