Bitcoin Favored in Human Trafficking, Child Exploitation: FinCEN Report
Summary
The U.S. Department of the Treasury's analysis found a surge in the use of crypto, mainly bitcoin, in crimes such as human trafficking and sexual exploitation of children, with 2,311 reported uses totaling over $412 million in 2020 and 2021. The majority of cases involved the exchange of crypto for child sexual abuse material, often through darknet marketplaces and crypto kiosks. FinCEN's report suggested that increased awareness and vigilance from financial institutions may have contributed to the rise in reported cases.
