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Learning & News => News related to Crypto => Topic started by: sirty143 on February 16, 2024, 01:24:37 PM

Title: FinCEN Finds Increased Cryptocurrency Involvement in Human Trafficking
Post by: sirty143 on February 16, 2024, 01:24:37 PM

FinCEN Finds Increased Cryptocurrency Involvement in Human Trafficking

The Financial Crimes Enforcement Network (FinCEN) has released an analysis that reports an alleged increase in the use of cryptocurrency in human trafficking cases. According to FinCEN, reports of cryptocurrency linked to these purposes grew from 336 in 2020 to 1,975 in 2021, an increase of almost 500%. See more for yourself here (https://news.bitcoin.com/fincen-finds-increased-cryptocurrency-involvement-in-online-child-sexual-exploitation-and-human-trafficking/).

Your opinion is greatly appreciated.

Title: Re: FinCEN Finds Increased Cryptocurrency Involvement in Human Trafficking
Post by: TomPluz on February 17, 2024, 08:27:53 AM

This is a sad story but on my part this is just one of the many manifestations that indeed people - both with good and bad intentions - are now recognizing the power of cryptocurrency in conducting their own business which is sadly relative to human trafficking. Now, I am sure that fiat money remains to be on the top, used by most transactions but it is not getting any highlight all because fiat is old news there is nothing new in there unlike cryptocurrency. Now, if they are using Bitcoin, then compared to fiat money, authorities can start tracking the transactions because they are all there in the blockchain and so open to everyone. Fiat money is always harder to tract especially if the exchange can be from one person to another...unlike crypto where records could not be erased for any reason. We have to remember that cryptocurrency is agnostic so it does not care who is the person doing the transfer and who is going to be the receiving end. Crimes can be committed and will be committed regardless if there is cryptocurrency around or not. This is not to defend cryptocurrency but to encourage law enforcement agencies to beef their understanding of cryptocurrency and maybe start hiring crypto experts to aid them on this big problem of human trafficking and other illicit transactions.

Title: Re: FinCEN Finds Increased Cryptocurrency Involvement in Human Trafficking
Post by: ABCbits on February 17, 2024, 11:08:21 AM

What a terrible finding and it's sad to see people continue to misuse freedom offered by cryptocurrency.

Quote from: TomPluz on February 17, 2024, 08:27:53 AM

Now, if they are using Bitcoin, then compared to fiat money, authorities can start tracking the transactions because they are all there in the blockchain and so open to everyone. Fiat money is always harder to tract especially if the exchange can be from one person to another...unlike crypto where records could not be erased for any reason.

But transmitting big money these days usually involve bank, where it's impossible to fully erase the trace. I also expect people who ask to withdraw their money in paper money form would look suspicious to the bank.

Title: Re: FinCEN Finds Increased Cryptocurrency Involvement in Human Trafficking
Post by: Z-tight on February 17, 2024, 12:28:04 PM

Cryptocurrency is just a tool and it can be used for good and bad, just like other things, i.e. the internet, fiat money, etc, people can use it for illicit purposes, even though that isn't what it was created for. However, i still think the number in the op is still low, meaning these criminals still find other tools suitable, but surely the government and their institutions will look for every means to attack crypto and BTC.