Cryptocurrency Fuels the Growth of Crime

Cryptocurrency Fuels the Growth of Crime

The cryptocurrency market has gained popularity due to a shift in features from traditional fiat currency. While this is highly beneficial for some, the decentralized and anonymous nature of cryptocurrencies has created a few difficulties for law enforcement agencies.

In recent times with the growth of the market, there has also been an increase in its use as funds for criminal, illegal, and illicit activities. With no way to backtrack and the source of most transactions, cryptocurrencies have become a common funding platform and law enforcement agencies cannot do much about it.

However, cryptocurrencies through their distinctive features, have also helped many investors carry out legitimate transactions for legitimate work and as assets. Therefore, in a market that is so diverse in its use and capabilities, it is always advisable for traders to invest in secure wallets and software that can keep track of their assets securely without posing a threat for hacking, theft, or fraud such as the

What Can Crypto Be Used For?

The use of cryptocurrencies has been associated with various types of criminal activities due to its decentralized nature. This makes it more difficult to trace and regulate transactions. However, while cryptocurrencies have been used for criminal purposes, the majority of cryptocurrency users are law-abiding citizens that use the crypto platform for legal transactions and as assets.

Due to its online and decentralized nature, one of the primary ways cryptocurrencies are used for criminal activities is through money laundering. Criminals can use cryptocurrencies to move illicit funds across borders without detection. Cryptocurrencies can also be used to pay for illegal goods and services, such as drugs or weapons, on the dark web.

Cryptocurrencies have also been involved in ransomware attacks, where hackers encrypt victims’ data and demand payment in cryptocurrency in exchange for the decryption key. This has become an increasingly common form of cybercrime, with high-profile attacks that have not been solved as yet.

While cryptocurrencies may be used for the growth of crime in various direct and indirect ways, here are a few common ways in which cryptocurrencies are used to fuel the growth of crime in the world. 

Money Laundering

Criminals can use cryptocurrencies to launder money by converting their illegally obtained funds into cryptocurrency, then converting it back into cash through a process called “tumbling” or “mixing”. This process allows them to carry out transactions without any trace or applied taxes. Therefore, it adds to economic instability and can aid illegal means of earning money.

Ransomware Attacks

Cryptocurrencies have become the preferred method of payment for ransomware attacks as they are difficult to trace, making it easier for criminals to receive payment without getting caught. It is also common for criminals to demand cryptocurrencies by hacking into accounts with confidential material and encrypting it to gain ransom in the form of cryptocurrencies.

Dark Web Transactions

The anonymity provided by cryptocurrencies has made them the currency of choice for transactions on the dark web, where illegal goods and services are often bought and sold.

Fraudulent Schemes

Cryptocurrencies have also been used in fraudulent schemes, where criminals promise high returns on investments in fake cryptocurrencies. With zero traces and accountability, it is impossible to trace back the accounts that conduct it.

What Can Be Done To Reduce The Use Of Crypto For Crime?

Despite these criminal activities, there are efforts to increase the transparency and regulation of cryptocurrency transactions to reduce the potential for criminal activities. Governments and financial institutions are also exploring ways to better monitor and regulate cryptocurrency transactions to prevent their use in criminal activities.

Transparency Of Transactions

To reduce criminal activity, it is increasingly important for exchange platforms to increase transparency in transaction activity. This will minimize the misuse of cryptocurrency’s decentralized and pseudonymous nature for illegal activities with higher accountability.

Better Monitoring Technology

Even though cryptocurrency’s decentralized nature does not allow a single governing body to monitor its transactions, there needs to be a monitoring system or a track of records to help users in securing their assets and transactions against scams and theft. 


In conclusion, it is important to analyze not all cryptocurrency transactions are associated with criminal activity. Many legitimate businesses and individuals use cryptocurrencies for legitimate purposes, such as cross-border transactions and investments. On an institutional level, many governments are taking steps to regulate cryptocurrencies to prevent their use in criminal activity.


Enter your name and email and get the weekly newsletter.. Joining is FREE!

Dayo Adetiloye Logo

Dayo Adetiloye Business Hub is a grassroot business development service provider with a 6 year of track record of excellent service delivery for local and international clients.

As a leading business development service provider in Nigeria, Dayo Adetiloye Business Hub has been recognized and certified by Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) in Conjunction with Enterprise Development Centre (EDC), Pan-Atlantic University (PAU) of the Lagos Business School (LBS).

Our solutions are designed for MSMEs and are supported by deep insight into various industries and extensive experience acquired from over the years by supporting our clients as partners in their business transformation.

Through our services and business activities, we help individuals/entrepreneurs transform their business ideas into a business venture, and support existing business to scale or expand their operation. We also connect startups and MSMEs with opportunities and resources for their business growth.

We have Consulted for more than 5000 MSMEs in the last 6 years in various industry including Agro-processing, Consulting, Training and Education, Financial Services, Waste Management, Renewable Energy, Oil and Gas, Construction, Real Estate, FMCG, Digital Marketing, Personal Branding etc.

Our Vision:
To become the leading grassroot business Hub that provides Business
Development Services in the global online community

Mission Statement:
– Provide bespoke management and business planning consultancy
– To connect MSMEs with opportunities and resources for their business startup, growth and expansion through trainings, seminars, coaching, consulting, mentoring, and Angel investing.
– To inspire, empower and champion entrepreneurship in the global online community.

Business Goals and Objective

– Engender national prosperity by contributing to the creation of at least 100 new businesses every year
– Become a go-to brand for outstanding business development services for MSMEs
– Strategic partnership with local and international organization to empower start-ups
– Continuous innovation to serve our clients better

Core Values:
Opportunity Maximization
Personal Development (Capacity Building)
Excellent Customer Satisfaction

Share this:

GI Vital Soft Gel

Grant Winning Blueprint

How to Turn Yourself into a Live Breathing Cash Machine

Ecommerce Business

Follow me on Facebook

Follow me on Twitter

Share this:


Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

About Us is a property of Dayo Adetiloye Business Hub committed to connecting entrepreneurs with resources.

We are one stop Business Resource Center where we help you discover, Develop and Fulfil your business potentials.

On this platform, we help you develop business plans and strategies, connect you with funding opportunities and share with your business opportunities.

Facebook Community:



Copyright 2023 All rights reserved