Money launderers are increasingly turning to crypto to conceal flow of funds, Chainalysis says

From cnbc.com

Money launderers are increasingly using cryptocurrencies to conceal the origins and movement of illegally-obtained funds, according to a report by Chainalysis. The report, which studied the trends and newer ways of laundering money, said crypto is being used for off-chain crimes such as drug trafficking and fraud because crypto is “cross-border, virtually instant, and generally inexpensive to transact.” “The growing ubiquity of crypto has made it a tool for laundering proceeds from various off-chain crimes, such as narcotics trafficking and fraud. In 2024, money laundering in crypto encompasses all crime — ... (full story)