Read

<div class="cryptonews">
 <p class="is-style-lead">The police alarm crypto is now used as a payment method for buying drugs and guns more than ever before.</p>
 <p>The use of crypto in illicit activities is growing at an alarming rate as London’s law enforcement officials say digital currencies now play an “<a rel="noopener noreferrer nofollow" title="endemic" href="https://thebittimes.com/tag/endemic.html">endemic</a> role” in <a rel="noopener noreferrer nofollow" title="organized" href="https://thebittimes.com/tag/organized.html">organized</a> <a rel="noopener noreferrer nofollow" title="crime" href="https://thebittimes.com/tag/crime.html">crime</a>.</p>
 <p>In an interview with the Financial Times, detective inspector Geoff Donoghue of the Metropolitan Police’s crypto investigation team has expressed his concerns regarding illicit activity in cryptocurrency. He said there has been “growing evidence” that cryptocurrencies should no longer be considered a niche within criminal enterprises.</p>
 <blockquote class="wp-block-quote">
  <p>“Drugs, guns, girls and workers… there has been growing evidence that there has been the emerging use of crypto within those fields as well.”</p> <cite>Detective inspector Geoff Donoghue</cite>
 </blockquote>
 <p>In a bid to bolster anti-crypto <a rel="noopener noreferrer nofollow" title="crime" href="https://thebittimes.com/tag/crime.html">crime</a> efforts, London’s police set up a special investigation crypto team, which now includes 40 members of staff. Although the scale of <a rel="noopener noreferrer nofollow" title="crime" href="https://thebittimes.com/tag/crime.html">crime</a> tied to crypto remains undisclosed, the team had investigated “74 intelligence referrals to date and, as a result, have 19 current active criminal investigations,” the police said.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Tether has frozen 32 addresses linked to illicit activity
 </div>
 <p>However, analysts at Elliptic noted that historically crypto was not a “reliable source” of funding for terrorist organizations or bad actors, given that the transparency of the blockchain makes illicit activities highly vulnerable to disruption.</p>
 <p>Yet, the U.S. government believes that cryptocurrencies can still be a severe threat to national security as they can be used to circumvent measures placed on traditional finance.</p>
 <p>For example, U.S. Undersecretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson earlier called on developing “appropriate controls” to control cryptocurrencies as digital assets “can pose a significant risk to national security by facilitating illicit finance such as money laundering, cyber<a rel="noopener noreferrer nofollow" title="crime" href="https://thebittimes.com/tag/crime.html">crime</a>, and terrorist action.”</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Seoul to target North Korea’s illicit crypto assets with a new cyber bill
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-plays-endemic-role-in-organized-crimes-london-s-police-say-tbt66840.html">https://thebittimes.com/crypto-plays-endemic-role-in-organized-crimes-london-s-police-say-tbt66840.html</a></p>

Crypto plays ‘endemic role’ in organized crimes, London’s Police say

TheBitTimes

Other articles published on Oct 18, 2023

U.S. Export Controls Hinder Nvidia’s AI Chip Sales to China

SUI Foundation Counters Supply Manipulation Accusations

BitNile Metaverse Announces the Anticipated Launch of Over-Under Dice on BitNile.com, Expanding i...

Israel Doubles Down on Blocking Crypto Funding of Hamas

Popular Rapper's X Profile Hacked to Promote Crypto Phishing Site

The Best Path to Web3 Mass Adoption Is Where Blockchain Is Critical, But Invisible

Join our free newsletter for daily crypto updates!