Cryptocurrency has become increasingly entrenched in our society and the financial system for the past 10 years . Popular cryptocurrencies , such as bitcoin ( BTC ), Ethereum ( ETH ) and Monero ( XMR ), have grown exponentially both in value and application since 2016 . Bitcoin , for example , has skyrocketed to a price over $ 30,000 between 2021 to 2023 , now towering over its price from 2017 to 2020 . Some of the largest companies in the world now recognize forms of cryptocurrency as payment ; professional athletes with global brands now take portions of their salaries in bitcoin ; and some of the country ’ s largest financial institutions ( FIs ) are incorporating cryptocurrency into various products / services . Even worldwide , 98 % of global markets are exploring digital versions of their respective currencies . 1
While blockchain technology is incredibly innovative , it offers individuals an added layer of security and , combined with limited regulation , can be appealing to criminals . Cryptocurrency transactions offer bad actors and criminal organizations the chance to conceal identities and facilitate the movement of illicit funds throughout the U . S . financial system . Institutions , law enforcement ( LE ) and compliance professionals now look to educate and be prepared to combat attempts to launder illicit funds . This article aims to highlight relevant cryptocurrency criminal cases and the need for further regulatory clarification for cryptocurrencies .
27