The Cat and Mouse Game of Crypto Money Laundering

“It’s like whack-a-mole between law enforcement and the tools they use, and criminals.”

However, these types of coins are still nowhere near the level of popularity of Bitcoin. FinCEN said in October, it observed attackers providing both a Monero and Bitcoin wallet address for ransomware payments, and imposing an extra fee – a 10 to 20 percent surcharge – for victims paying in Bitcoin. Other times, attackers would exclusively request payment in Monero, but would ultimately accept a payment in Bitcoin after negotiation. Overall, FinCEN said in a report that it observed 17 ransomware incidents where the attackers requested payment in Monero.

“While Bitcoin is still used in the majority of payments, a few ransomware strains now have added Monero,” said Koven. “But the liquidity of Monero is not conducive to large payments, and it’s also challenging to provide guidance for victims [to pay with Monero]. That’s why we’re still seeing Bitcoin as predominant.”

Cybercriminals are also relying on cryptocurrency mixers, which are services that, for a fee, pool together streams of cryptocurrency deposits from several different users and then return them at…


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