Bitcoin is becoming too hot for criminals so they’re switching to more obscure cryptocurrencies such as monero, according to European law enforcement officials.
Just as bitcoin has skyrocketed in value and popularity, so has the attention given to the digital currency by law enforcement agencies, making it a less attractive method of payment in the criminal world.
Europe’s top law enforcement official — Europol executive director Rob Wainwright — tweeted Tuesday that there will be a “progressive shift in 2018 towards criminal use of cryptocurrencies other than bitcoin.”
That shift makes it “more challenging for law enforcement to counter,” he added.
Experts say bitcoin is becoming too mainstream, and therefore too risky, for criminals.
Related: Bitcoin mania: What the big names of finance are saying
"The fact that bitcoin is constantly in the spotlight makes it more valuable for investors, but certainly less valuable for its earliest fans -- criminals -- giving rise to interest in other alternative cryptos designed to avoid tracking," said Daniele Bianchi, assistant professor of finance at Warwick Business School.
The number of cases where criminals have been identified through bitcoin tracing is increasing, according to Europol. Companies such as Elliptic and Chainalysis specialize in tracking bitcoin transactions, linking them to companies and individuals, and they work closely with law enforcement agencies.
Monero is the 13th biggest cryptocurrency by value and has been sold as being more secure than bitcoin. As of the time of writing 1 Monero (XMR) was worth USD 318.16. With rising prices and lack of tracking (unlike bitcoin which can be tracked with wallets) its becoming a prime choice for criminals.
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