Home Monero Criminals Are Abandoning Bitcoin, Says Former CIA Director – Here’s Why

Criminals Are Abandoning Bitcoin, Says Former CIA Director – Here’s Why

5 min read

A former performing director of the Central Intelligence Company (CIA) Michael Morell believes the already limited use of Bitcoin in illicit exercise is on the decline.

In a letter revealed by world safety publication The Cipher Temporary, Morell says there’s “mounting proof” exhibiting a “shift” by illicit customers “from Bitcoin to cryptocurrencies with stronger anonymity” such because the Anonymity-Enhanced Cryptocurrencies (AECs).

“There’s additionally mounting proof that illicit exercise is flowing away from Bitcoin and towards AECs.”

The previous CIA director says on-line darknet market (DNM) White Home Market and ransomware-as-a-service group Sodinokibi at the moment are solely accepting privacy-focused cryptocurrencies for funds.

“The distinguished DNM ‘White Home Market’ has moved to accepting Monero (XMR) completely. Equally, the ransomware group, Sodinokibi, not accepts Bitcoin as fee and can solely take Monero.”

In line with Morell, Bitcoin’s publicly obtainable and verifiable blockchain makes it ill-suited for prison exercise.

“In reality, its clear nature led one blockchain analytics professional to check transactions on blockchain to having the ‘entire world’ be a witness to paying somebody $2,000 in a darkish alley.

Primarily based on our analysis, I’ve come to consider that if there was one monetary ecosystem for dangerous actors to make use of that will maximize legislation enforcement’s possibilities of figuring out them and their illicit actions, it will be blockchain.”

Morell additional observes that the “broad generalizations about the usage of Bitcoin in illicit finance are considerably overstated.”

Per the previous CIA director, the one cause Bitcoin has thus far been extensively utilized in illicit actions is because of its availability relative to different cryptocurrencies.

“…two main cryptocurrency analytics companies have concluded that this is because of Bitcoin’s dominance available in the market and, subsequently, its accessibility, not as a result of it has attributes that make it extra engaging to illicit customers.”

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Featured Picture: Shutterstock/AlexAnnaButs

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