Criminals are becoming more sophisticated in their use of cryptocurrencies to launder money, with hundreds of millions of dollars of dirty funds last year flowing through digital wallets that allow users to hide their trail, according to Elliptic.
At least 13% of all criminal proceeds in bitcoin passed through privacy wallets - which make it harder to track cryptocurrency transactions - in 2020, up from 2% in 2019, according to a study by the digital currency forensics firm.
