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A recent analysis from the U.S. Department of Treasury has shed light on the use of bitcoin in supporting illegal transactions linked to the trafficking and exploitation of individuals globally.
Released on Tuesday, the report by the Treasury's Financial Crimes Enforcement Network (FinCEN) unveils a concerning trend observed in 2020 and 2021.
Rising Trends in Crypto-Enabled Crimes
Drawing from government filings by financial institutions, the analysis reveals a surge in the utilization of cryptocurrencies, predominantly bitcoin, in various criminal activities such as human trafficking and the sexual exploitation of minors.
Over the two-year period, there were 2,311 reported instances of crypto involvement in such crimes, totaling more than $412 million.
According to the report, victims of these crimes often endure forced labor, slavery, or are coerced into engaging in commercial sex acts. Notably, the use of cryptocurrency exhibited a significant increase, with 1,975 reported cases in 2021, surpassing the 336 cases recorded in 2020.
According to Coin Desk, FinCEN Director Andrea Gacki condemned the actions of human traffickers, emphasizing the exploitation of adults and children for financial gain. She underscored the pivotal role of financial firms in identifying and reporting such cases, aiding law enforcement efforts to protect vulnerable individuals and save lives.
Evolution of Crypto Transactions in Criminal Activities
Despite the alarming statistics presented in the report, the data analyzed only extends up to December 2021, predating subsequent developments in the cryptocurrency landscape.
Notably, this timeframe preceded the crypto winter and subsequent market recovery in recent months.
According to Coin Gape, although the report indicates a peak in CSAM activity in 2021, recent observations by crypto data firm Chainalysis suggest changes in the scale and severity of such activities.
The Treasury's analysis underscores the alarming trend of bitcoin's exploitation in facilitating illegal activities such as human trafficking and child sexual exploitation. While efforts are underway to address these issues, continued vigilance and collaboration between financial institutions and law enforcement are essential to combatting this global threat effectively.
Photo: Andy Li/Unsplash
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