📣 FinCEN Unveils Crypto Statistics in Human Trafficking
postedΒ 14 Feb 2024
The U.S. Financial Crimes Enforcement Network (FinCEN) has released a report that unveils statistics on the use of various cryptocurrencies in crimes related to human trafficking and the sexual exploitation of children between 2020 and 2021. Throughout this period, the criminal funds identified amounted to $412 million.
The report indicates a nearly sixfold increase in the number of trafficking-related crimes within a year, tallying up to 1,975 incidents. Bitcoin emerged as the predominant asset in these criminal transactions, with about 90% of all identified payments being made in BTC. The report also notes the involvement of other cryptocurrencies in these activities.
This reporting ultimately helps law enforcement protect and save innocent lives,commented FinCEN Director Andrea Gacki.
However, the reason for FinCEN's delayed publication of these statistics remains unclear, especially considering the report's diminished relevance for evaluating the current landscape over the past three years. Our previous article has already covered why cryptocurrency is no longer a refuge for sex workers.
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