The UK's National Crime Agency reports on serious and organized crime. $5.1 billion in illegal crypto transactions linked to the UK annually. Crypto is mostly used to launder non-digital assets like cash.
According to one, it is estimated that $5.1 billion of illegal crypto transactions are linked to the UK annually. Report By the National Crime Agency.
The international controller networks use various methods to provide money-laundering services to criminals, the report said. It links the proceeds of UK-generated crime to international cyber crime, which affects victims worldwide.
The NCA said crypto assets are increasingly being used to launder non-digital criminal proceeds, such as cash, and are being obtained through increasing levels of cybercrime, including through malware and ransomware.
Malware is malicious software that can control a victim's device. Ransomware is a type of software that encrypts a victim's files or data and makes them inaccessible. The attacker demands a ransom, usually in crypto, in exchange for the decryption key.
NCA earlier this year Interrupted LockbitA major ransomware organization with international help, including the American FBI. Lockbit targeted more than 2,000 victims and received over $120 million in ransom payments, According to to the US Department of Justice.
The NCA controlled Lockbit's primary administrative environment, which enabled affiliates to build and carry out attacks, as well as the group's public-facing site on the dark web, where they threatened to host and publish data stolen from victims.
In a wide-ranging operation coordinated by Europol, two Lockbit actors were arrested in Poland and Ukraine and more than 200 cryptocurrency accounts linked to the group were frozen.
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