The Austrian Federal Criminal Police Office's money laundering reporting center registered nearly 6,000 cases in 2021, a 20% increase from the previous year.
A significant portion of the assets involved are linked to cyber fraud. The majority of money laundering reports originate from the banking sector, with fraud involving crypto vouchers being a notable issue.
The use of cryptocurrencies in both legal and illegal transactions, particularly in the realm of cybercrime, has been on the rise. While Bitcoin remains the most prominent, other cryptocurrencies, known as altcoins, are also being used.
The involvement of cryptocurrencies in various criminal activities, including fraud, has drawn the attention of law enforcement agencies.
The Austrian Federal Criminal Police Office has highlighted the significant increase in economic crimes related to cryptocurrencies and binary options. These include fraud, social welfare fraud, and other financial crimes.
In 2023, Austria authorities, in collaboration with US agencies and Europol, shut down "ChipMixer," a major crypto money laundering service. It was estimated that the service had laundered around 2.8 billion euros worth of Bitcoin since mid-2017, with the funds originating from criminal activities such as hacking or fraud.
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