RIOT - European Law Agency Says Bitcoin Mining Vulnerable To Financial Crimes Even As Donald Trump Cosies Up To The Industry | Benzinga
A new report by European law enforcement agency Europol cast aspersions on cryptocurrency mining, calling the burgeoning industry vulnerable to money laundering and financial frauds.
What Happened: The 56-page report on encryptions and data privacy accused the mining industry of being a soft target for "criminal actors."
To illustrate, the report cited cases where mining rigs were used to buy cryptocurrency equipment from criminal proceeds–a case of money laundering.
"Even when such purchases were not profitable, criminals can still run such mining operations as it can be a cover for illicit earnings," the report underlined. Moreover, it can fetch them profits if they mine new cryptocurrencies.
Europol added that such activities were observed in mining pools, especially those targeted by ransomware attackers.
The report ...