More criminals turn to cryptocurrencies as haven to launder funds

TL;DR Breakdown Italian Police says more criminals have turned to cryptoDark web vendors made most sales in 2020 when crypto crimes surgedCriminals prefer cryptocurrencies for its anonymity and hard to track feature The Italian Anti-Mafia Directorate (DIA), a department in the country’s Police force, has revealed that several mafia groups and criminal organizations turn to cryptocurrencies for their heinous crimes. Anonymous sources that spoke in the DIA revealed that beyond the mafia, another criminal gang also have continued to show interest in cryptocurrencies for their business. The report is corroborated by a published document that covers organized crime in Italy during the first six months of 2020, the most recent report by the police department. In the report, Ndrangheta, said to be Italy’s most powerful criminal syndicate, continues to develop in its use of technologies like cryptos and the dark web. DIA also noted that these syndicates use cryptos to anonymously pay for synthetic drugs like Ecstasy or LSD, which demand for it has surged amidst the COVID-19 pandemic. Also, it is not the first time cryptocurrencies and the dark web have been used to facilitate crime. Vendors in the dark web reportedly made more money than ever before as a result of the pandemic. Cryptocurrencies, crime, and the dark web The three pair (Crypto, Crime, Dark Web) with how things are going seem inseparable. A report by chainalysis in 2020...