Criminals Still Find It Easier to Hide in Fiat Than Crypto

Detecting blockchain addresses used by criminals doesn’t yield the identity of the address’ owner. No KYC is required to use a blockchain unless a user onboards through a virtual asset service provider that complies with regulations. Most criminals use self-hosted wallets and are their own “banks.”

Hundreds of companies already engage in similar Web 2 data aggregation to support threat intelligence, marketing, loan approval and other use cases, generating profitable data markets worth billions of dollars.Over time, users will increasingly authenticate to Web 3 apps using blockchain wallets. Service providers will need to rely on blockchain data analytics for risk mitigation, marketing, crypto-market monitoring and more.

Criminals will move more communications to encrypted private channels, making their real-world identity harder to determine. The cat and mouse game will continue, and agile bad guys will likely stay steps ahead of good guys bogged down by bureaucratic processes.It’s a myth that blockchain networks are criminal havens. Reports from Financial Action Task Force and blockchain intelligence providers confirm this fact with hard numbers.

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