Privacy coins have been the lasting concern of the governments and financial authorities. Their enhanced anonymity features allow to use the coins for illegal purposes such as tax evasion, money-laundering, terrorism financing, drug trading, cryptojacking, etc.
Law enforcement agencies make their best efforts to combat criminals performing drug transactions via the darknet. On August 24, the Indian Narcotics Control Bureau arrested a young man for buying ecstasy pills using Bitcoin.
Ukrainian cryptocurrency market is under-regulated and therefore attractive for those wishing to take advantage of it for criminal purposes. Recently, law enforcers exposed a gang that has laundered about $42 million using cryptocurrency.
The US law enforcers go on with their campaign against terrorism financing. Now, they have blocked and confiscated around $2 million worth in cryptocurrency from accounts allegedly involved in terrorism financing.
The Russian intelligence agency has developed a new artificial intelligence (AI)-based system to track and de-anonymize Bitcoin (BTC) and other cryptocurrency transactions. Does it mean that privacy coins will lose their popularity?