John McAfee mentioned that it’s not the duty of cryptocurrency companies to assist forestall crypto use in crime. McAfee delivered his remarks in an interview with Washington D.C.-based information company The Hill on Nov. 11.
McAfee argued that authorities mustn’t require cryptocurrency firms and buying and selling platforms to assist them management digital foreign money use in illicit actions. McAfee mentioned he hopes that the “societal impact of giving people freedom from an overburden and corrupted government” prevails over “what small part criminals are going to play in this technology.” He added:
“You can’t put that responsibility on me as an entrepreneur. You can’t require me to assist you in preventing what might be a future crime.”
As Cointelegraph reported final August, the United States Financial Crimes Enforcement Network revealed that the company had seen a surge in filings of crypto-related Suspicious Activity Reports, the variety of which exceeded 1,500 per 30 days on the time.
Industry gamers get proactive in preventing crypto use in crime
Despite McAfee’s assertions that cryptocurrency companies will not be answerable for monitoring suspicious habits related to digital currencies, different trade gamers are taking a extra energetic function.
Recently, blockchain analytics agency Chainalysis launched alerts for suspicious transactions throughout 15 main cryptocurrencies. The device is supposed to assist cryptocurrency exchanges and different monetary establishments mitigate their regulatory and reputational dangers.
According to a Chainalysis report launched this spring, 64% of ransomware assault cash-out methods concerned the laundering of funds by way of cryptocurrency exchanges, 12% concerned mixing companies and 6% concerned peer-to-peer networks, whereas others used service provider companies suppliers or darkish net marketplaces.
However, in late August, Chainalysis revealed that stolen funds represented solely 8.1% of all funds despatched to cryptocurrency mixers.
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