Crypto crime refers to illegal activities that involve cryptocurrencies or blockchain technology. This includes a variety of offenses such as fraud, money laundering, hacking, theft, and market manipulation. The decentralized and pseudonymous nature of cryptocurrencies can provide opportunities for criminal behavior, making it challenging for law enforcement agencies to track and prosecute offenders. Common forms of crypto crime include Ponzi schemes, phishing attacks on individuals or exchanges, ransomware attacks demanding payment in cryptocurrency, and the use of cryptocurrencies to facilitate illegal drug trafficking and other illicit activities. As the use of digital currencies grows, so does the complexity and frequency of these crimes, leading to a need for enhanced regulatory measures and law enforcement strategies.
Stablecoins have become the preferred currency for illicit transactions, accounting for 63% of such activities due to their stable value compared to Bitcoin. An increase in stablecoin use by 77%…