Crime in Web3 is shifting away from Bitcoin to stablecoins, and Ponzi schemes remain prevalent, according to Elliptic’s former head of technical crypto advisory.
According to Annison, Bitcoin is no longer the cryptocurrency of choice for illicit activities or laundering money. As the cryptocurrency industry has matured, the establishment of decentralized finance protocols, mixing services and stablecoins present new avenues for criminals to explore.Criminals have shifted toward using dollar-denominated assets, like USD Coin , with their easy accessibility and ability to be laundered through decentralized exchanges .
“What we’re seeing now is an increased number of accounts with USDC and USDT being blacklisted, and these are frozen funds that the criminals now can’t access.”
Criminals have switched gears from Bitcoin to stablecoins for illicit activities & money laundering, says former Elliptic advisor.
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