The presence of criminal organizations in the cryptocurrency industry is not limited to Ireland. For instance, the US State Department revealed evidence that last year a portion of the Mexican drug cartels proceeds was laundered in Bitcoin. Similarly, Europol claims that the Italian organized crime networks have established footholds in crypto-related activities recently.

Cryptocurrency ATMs and wallets have become a favored tool of criminal gangs who are keen on taking advantage of the decentralized, encrypted and anonymous nature of the digital asset industry. As a result, individuals and companies involved in the crypto industry should remain cautious about the people and organizations with which they transact.

Cryptocurrency has become one of the favorite ways for criminal organizations to escape scrutiny and hide their illicitly-obtained proceeds. Gerry' The Monk' Hutch’s OCG, a North Dublin-based criminal organization, is described as one of the most prominent gangs in the country that has embraced the use of cryptocurrency for money laundering. In recent weeks, a member with a lower rank within the criminal group was observed depositing funds into a cryptocurrency account on behalf of the gang. Moreover, it has been revealed that the gang is utilizing cryptocurrency ATMs in Ireland as well as other locations.

The growing involvement of criminals in the crypto industry is also witnessed in other countries. For example, the US State Department revealed last year that Mexican drug cartels have been laundering their proceeds in Bitcoin. Similarly, reports from Europol have established that Italian organized crime networks have taken up crypto-related activities. As a result, it is important for crypto users to remain cautious and to be extra alert because of its use in the criminal underworld. Crypto users should ensure that the people and organizations with which they engage in a transaction are legitimate.



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