The percentage of illegal activities associated to transactions with cryptocurrencies and its repercussion in the market was revealed by a DEA agent and it’s 80% less than 5 years ago.
According to a special agent from the Drug Enforcement Administration (DEA), Lilita Infante, only 10% of the transactions made in the cryptocurrencies market has illegal activities.
In the magazine published by Bloomberg, she ensures that the percentage of criminal transactions decreased considerably compared to five years ago, when this were an alarming 90%. However, something did increase since 2013 and it’s the total volume of transactions linked to illegal matters, forming part of the same 10%, in addition to speculation activities with e-currencies.
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On the other hand, the agent that is part of a team with 10 professionals in charge of this investigation added in the interview that the majority of illegal transactions are performed through the Deep web, where illegal products are sold and paid mostly with cryptocurrencies, a practice that has increased since 2017. The drug dealing world is linked to this type of transactions, which include from money laundering to cross-border transfer of funds.
These illegal organizations use pseudo-anonymity provided by Blockchain to make transferences. However, this reality is changing and police officials or specialized organisms in technological mafias are working along with Bitcoin and other Blockchain platforms in order to track transactions and identify those involved. In the same way, wallet addresses are working to offer bigger data to users, hiding less information to entities in charge.
Reducing cryptocurrencies transactions related to illegal activities to only 10% has resulted in success for all Blockchain platforms, as it opens the way to trust an economy based on a decentralized system, maintaining the transparency of each of its transactions. In addition, technological security organisms work training their human team in the topic and programs that can decrease even more or neutralize illegal activities related to cryptocurrencies payment.