Vee Finance, a decentralized finance platform, has officially confirmed its hack on Avalanche. On September 20, the hacker managed to transfer funds worth $35 million. In terms of assets, it was 8804.7 ETH (around $26 million) and 213.93 BTC (around $9 million). According to the report, the stablecoin was left untouched. As for the hacker, the report confirms that they have not yet transferred or processed the funds. The team is working to provide more details of the incident. Further,…
Concerning the insight individuals have concerning cryptocurrency and Bitcoin, most people conclude a lot of beliefs and primarily consider their use in illicit activities, especially by criminals. Based on the analysis by a governing member of the Federal Reserve in the U.S., his thoughts on the matter suggest a ratio of one in four users of BTC utilize the service in conducting illegal activities.
During an event on December 18, Lael Brainard indulged in commenting about the risks presented by the use of cryptos, after her panel selection in the “Monetary Policy: The Challenges Ahead” event, that took place in Frankfurt, Germany. This was in light of honoring the European Central Bank executive board member, Benoît Coeuré, who previously commented on the crucial matter of bitcoin stating it as the “evil spawn of the financial crisis.”
Bitcoin Academic Studies and Reports
Following recent academic studies by Brainard, her conclusion on the matter clearly suggested that the use of BTC presented solid shreds of evidence pointing out illicit user activities. She stated that approximately half of all transactions were done against the stated law of the state. Quoting her comment, she exclaimed, “One study estimated that more than a quarter of bitcoin users and roughly half of bitcoin transactions, for example, are associated with illegal activity.”
Reports by Cointelegraph showed studies related to bitcoin transactions expressing opposed conclusions towards BTC. The reports suggest that any form of value exchange can be utilized in the penetration of malicious acts, either through cryptocurrency or other forms of transactions. This suggested that digital currencies only stood for a fraction of illegal activities funding. Moreover, illustrations by Elliptic analysis firm on the transactions through XPR presented findings that a total of $400 million of the XPR was used in “illicit activities.”
Illegal Activities in Bitcoin Transactions
An approximated value of about one-quarter of the users in bitcoin are involved in malicious acts and estimate about $76 billion funding of these activities annually, that reflect on illicit drugs market in both Europe and the U.S.
According to Forbes, tracing the criminal activities in the bitcoin blockchain provided findings that 95% of laundered coins were from various dark web marketplaces that were inclusive of Agora, Silk Road 2.0, and AlphaBay. This was in light of the studies by the Center on Sanctions and Illicit Finance as well as Elliptic studies, and this information assisted companies in pointing out the same user accounts through clustering processes.