Criminals Are Moving from BTC to Altcoins
Europol cybercrime analyst Jarek Jacubchek recently informed Business Insider that the United European police agency recently discovered the fact that most of the criminals were refusing from Bitcoin and switching to such anonymous cryptocurrencies as Monero, Zcash and Dash.
“So basically, you can achieve a higher level of privacy using these ‘altcoins’, and these altcoins are either using stealth as the basis, like monero. There are also coins like dash that do not have stealth addresses, they have transparent addresses, but they have a mixing process that is part of the protocol” — he said.
The fact that Bitcoin functions in accordance with the existing laws AML / KYC, which implies the identification of customers when opening an account on the network can be also noted as one of the reasons for the transition of criminals to altcoins. Another drawback for criminals is the fact that many law enforcement agencies have already adjusted to the Bitcoin network and are actively improving the mechanisms for identifying cybercriminals. However, according to Tom Robinson, one of the founders of Elliptic, which uses data analysis to monitor transactions in the blockchain, most of the illegal activities continue to occur on the Bitcoin network, due to the ease of exchange and more developed infrastructure. Subscribe to The Coin Shark news in Telegram: