Bitcoin (BTC) has been found to be favored in illegal activities such as human trafficking and child exploitation, according to a report released by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). The analysis, based on government filings from financial firms in 2020 and 2021, revealed a surge in the use of cryptocurrencies for these crimes, with bitcoin being the most common. Over the two-year period, there were 2,311 reported instances of crypto being used in these illegal activities, with a total value exceeding $412 million. The report highlighted that victims of these crimes are subjected to forced labor, slavery, and sexual exploitation. Interestingly, the report’s data only went up until December 2021, prior to the recent recovery in the crypto market. It also emphasized that the majority of cases involved the exchange of crypto for child sexual abuse material, often occurring on darknet marketplaces. Nonetheless, the report acknowledged that the increase in reported cases could be attributed to heightened awareness and vigilance among financial institutions regarding criminal use of cryptocurrencies.
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Bitcoin Favored in Human Trafficking, Child Exploitation: FinCEN Report
