In short,human traffickers do use bitcoin as their primary asset. Then,they use numerous bank transactions to further complicate their tracing. This makes it difficult for police to recover the victims of human trafficking.
People also ask
Can bitcoin be used to support criminals?
The most recent example of bitcoin supporting a large criminal enterprise is the arrest of Ross Ulbrict (AKA Dread Pirate Roberts) who operated the website Silk Road, an illicit marketplace for drugs deals, money laundering, and human trafficking. At the time of the arrest Ross had netted an estimated $150 million in bitcoins.
What are bitcoins and how do they work?
Bitcoins are untraceable digital currency, which is appealing to human traffickers, drug pushers and arms dealers who operate in the illicit markets. The global illicit flow of goods, guns, people, and natural resources is estimated at approximately $650 billion and the large majority of the illicit economy is conducted online.
Can cryptocurrencies be used to catch sexual predators?
Cryptocurrencies offer vast potential for catching sexual predators鈥攂ut it remains mostly untapped. Chris Janczewski was finishing up a lengthy investigation into online drug trafficking in Thailand when a source called him about a website in South Korea.
What is the FBI’s bitcoin working group?
The legal and unregulated nature of bitcoin is the exact reason the FBI created the Virtual Currency Emerging Threats Working Group. Bitcoin has been investigated around the world for potential criminal activity and the FBI created the working group with the goal to find out how to best address these threats.