"Cryptocurrencies have long been lauded for being a borderless, decentralized way to transfer cash - and while they've emerged as a major speculative asset, fans have often struggled to point to a real-world use case for them. But thanks to a broad lack of regulation and the ability to carry out transactions via anonymous accounts, crypto have become incredibly popular for a distinctly grim use: funding human trafficking operations, from trapping laborers in compounds and forcing them to work, to prostitution rings."
"Chainalysis found that the total transaction volume of suspect crypto accounts reached hundreds of millions of dollars. 'The dollar amounts significantly understate the human toll of these crimes, where the true cost is measured in lives impacted rather than money transferred,' the company noted. Human trafficking categories identified by Chainalysis include 'international escort' services, 'labor placement' agents that facilitate kidnapping and forced labor, prostitution networks, and the sale of child sexual abuse material (CSAM)."
Crypto flows to suspected human trafficking services grew 85 percent last year, with total transaction volume reaching hundreds of millions of dollars. The dollar amounts understate the human toll, which is measured in lives impacted rather than money transferred. Identified trafficking categories include international escort services, labor placement agents that facilitate kidnapping and forced labor, prostitution networks, and the sale of child sexual abuse material (CSAM). Southeast Asia has become a major hub for scam compounds, gambling sites, and money laundering. Chinese-speaking criminal groups advertise scams in black markets run via Telegram channels. Borderless, low-fee, anonymous crypto payments enable trafficking to scale faster.
Read at Futurism
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