In Depth: Researchers Shine Light On Cryptocurrency And Money Laundering

Criminal groups are using cryptocurrencies in conjunction with prepaid cards, bank accounts and gambling services to launder illicit funds, according to extensive new research by blockchain forensics firm Elliptic.

A detailed report produced by the company also warned of the prevalence of money mules, a practice where someone not otherwise involved in the illegal activity has their bank account used by criminals for the movement of funds, either through hijacking or in exchange for payment.

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