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The increasing popularity of cryptocurrency and Blockchain technology has undoubtedly had several positive impacts. Positive impacts to different industries like health, finance and banking, governments, and many others. However, with all its benefits in operations involving data security and cross-border payments, this increasing popularity has turned into notoriety of some sorts due to the recent spate of increase in cyber-crimes.

Money Laundering Using Cryptocurrencies

Another crime that is perpetrated using cryptocurrencies is money laundering. Recently, there have been reports of some cases requiring the cooperation of international law enforcement agencies before the perpetrators of the crimes could be tracked down. One of such that comes to mind is a bust carried out by security agents from more than three countries including Finland, Spain, USA, and Europol. About 137 individuals were initially investigated, before 11 were eventually arrested and prosecuted in April 2018.

This group used to launder money from Spain to Colombia using credit cards before they discovered the benefits of carrying out relatively untraceable transactions using cryptocurrency. Still, security agencies from Europol were able to track them down by monitoring crypto-to-fiat exchange transactions. Europol has restated its commitment to clamping down on the activities of cyber criminals and to also train its officers within and outside EU on additional cryptocurrency crime detection methods.

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