Majority of BTC transactions now is price speculation, not criminal, DEA said

12 Aug, 2018
by Fifi Arisandi
Majority of BTC transactions now is price speculation, not criminal, DEA said

The US Drug Enforcement Administration (DEA) claimed illegal activities that involve Bitcoin have dropped compared to five years ago. 

In an interview with Bloomberg, a US Drug Enforcement Administration (DEA) special agent, Lilia Infante, said that the ratio of illegal activity that uses cryptocurrencies has dropped compared to five years ago. Back then, 90% of cryptocurrencies transactions was criminal, whereas now they only make up 80% of the entire crypto transactions. 

The findings disprove the popular perception that Bitcoin is usually used for criminal activities, although most of the transactions still happen in the dark web. In the past, the anonymity of the dark web has made it very popular for illegal activities, such as drug transactions and money launderings. With the use of the blockchain technology by the law enforcement today, dark web is no longer a safe place for criminals as transactions and patterns are trackable and wallet addresses are no longer obscure, according to Infante. 

However, although the findings seem to relieve, she said the transaction volume has grown tremendously as well as the dollar value. The Cyber Investigative Task Force member also mentioned that most of the transactions these days are price speculation-related. 

Lastly, Infante can deal with the reality that criminals will continue using crypto in their activities, as she said, "The blockchain actually gives us a lot of tools to be able to identify people. I actually want them to keep using them."

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Infante mentioned that 

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