Blockchain
Europol: Bitcoin is ‘most abused’ crypto by criminals
The Europol Internet Organized Crime Threat Assessment recently highlighted that Bitcoin remains the most frequently exploited cryptocurrency in criminal activities. Despite Bitcoin’s dominance, there is a growing trend in the use of alternative cryptocurrencies, including stablecoins and privacy-centric coins like Monero, which are gaining popularity among cybercriminals due to their unique features.
Key Points from the Report
- Bitcoin’s Continued Use in Cybercrime:
- Predominant Cryptocurrency: Bitcoin remains the most commonly used cryptocurrency in illegal activities, including fraud and cybercrime. It is often converted into stablecoins like Tether (USDT) for stability. The report notes that the Tron blockchain’s low transaction fees have made it a preferred platform for USDT transactions.
- Stablecoins in Crime: Stablecoins, particularly those with blacklisting capabilities, provide law enforcement with the ability to freeze suspicious funds, adding a layer of security and traceability in combating financial crimes.
- Rise of Monero and Privacy Coins:
- Monero’s Popularity: Monero (XMR), known for its strong privacy features, is increasingly favored by criminals seeking anonymity. Unlike Bitcoin, which operates on a transparent blockchain, Monero employs advanced cryptographic techniques, such as ring signatures, stealth addresses, and confidential transactions, to obfuscate transaction details.
- Usage in Illicit Activities: The anonymous nature of Monero makes it a preferred choice for illegal activities, including ransomware payments and dark web transactions, where the privacy of users is paramount.
- Evolving Money Laundering Techniques:
- Traditional and Modern Methods: The report also discusses evolving money laundering strategies. While traditional methods like using money mules and international bank accounts persist, newer tactics include the use of encrypted messaging apps for cash-to-crypto exchanges, which help bypass compliance checks and obscure the identities of the involved parties.
- Crypto Debit Cards: The resurgence of cryptocurrency debit cards is noted, as they enable quick conversion of cryptocurrency to fiat cash at ATMs, facilitating the rapid movement of illicit funds.
This report underscores the adaptability of cybercriminals in leveraging both established and emerging technologies to facilitate and conceal illegal activities. The continued use of Bitcoin, the rise of privacy-centric cryptocurrencies like Monero, and the evolving laundering techniques reflect the dynamic nature of cybercrime and the challenges faced by law enforcement in tracking and preventing such activities.
Source: crypto.news
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DNA Fund Acquires Coral Capital; Adds $50M AUM in Web3 & Emerging Tech
2024-DNA Fund, the Financial Institution of the future in high-ticket emerging tech and web3 investments, has announced its acquisition of Coral Capital Holdings LLC, an established investment management firm that has previously managed millions in the DNA founders’ personal funds.
As early-stage investors in established Web3 brands and founders of some of the sector’s most notable projects, DNA and its founders have invested in or founded projects such as Tether, EOS, Mastercoin, Bancor, and Hedera Hashgraph. The acquisition will see the DNA Fund manage an additional AUM of over $50 million, which includes Coral’s high-yielde hedge funds and venture funds focused on DeFi, Al, blockchain, and other emerging technology sectors. Some of Coral’s top-performing investments include Near Protocol and Atmos Labs.
Thomas L. McLaughlin, Coral’s Chief Investment Officer, will continue in his role, managing the funds with a unique focus and strategy aimed at maximizing investor returns.
Regarding the acquisition, Christopher Miglino, CEO of DNA Fund, said. “By bringing Coral Capital under our umbrella, we are not only expanding our investment capabilities but also enhancing our ability to offer unique, high-growth opportunities to our clients. Our combined expertise allows us to navigate the complexities of the digital asset landscape and continue delivering value to our investors.”
Thomas L. McLaughlin, CIO of Coral Capital Holdings, added, “Joining forces with DNA Fund is an exciting new chapter for Coral. Our shared vision for leveraging technology to drive financial growth is perfectly aligned. Together, we are set to redefine what’s possible in digital asset investments and deliver superior results for our investors.”
Since its inception in 2021, Coral has delivered consistent returns with innovative strategies, delivering high multiples on the benchmark of the overall market cap of digital assets. Coral’s Flagship fund, initially started as a market-neutral vehicle, was rebranded in 2023 as a discretionary liquid token, surviving a number of high-volatility events, including FTX and Terra.
With a 61.6% return (net of fees) and a maximum annual drawdown of only 11.6% in FY 2022. these funds have outperformed the broader digital asset market. Over a similar period, Bitcoin returned 36.7%.
Through this acquisition, DNA Fund also aims to capitalize on the growing interest from institutional investors and expand into several new verticals over the coming year, including a Bitcoin & Ether Yield Fund, as well as more speculative funds focused on Al, memecoins and microcaps.
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