Canadian crypto criminals in for the long run, officials predict
A report from Canada’s financial intelligence unit predicts that criminals will continue to rely on crypto laundering to hide their funds while maintaining an “overwhelming reliance” on mixing services and exchanges. The report, published by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), highlights the efforts it undertook between 2022 and 2023 to protect the country’s financial system. In the face of a Crypto winter, the report says it “expects to see further long-term growth in the adoption of Crypto currency by illicit and threat actors seeking to raise, move, and hide funds outside the traditional banking system.” The agency also noted that despite the “massive growth” of crypto-related crime being identified, criminals will likely stick to the same methods of laundering their funds. And the most prevalent method for ransomware attackers and fraudsters looking to launder their funds is crypto . Casino operators with ties to Tether, ...