The first six months of 2018 have seen nearly three times as much crypto getting stolen than in all of 2017, a new report by CipherTrace has revealed. The FBI has also reported a six-fold increase in the number of crypto-related complaints from 2015 to 2017. Criminals have taken to cryptos in earnest as they seek to use technology to hide their activities, and it has been working out pretty well for them. The report also detailed an intricate web of services that help these criminals launder the stolen crypto through the use of tumblers, mixers and foggers. These services, most of which advertise themselves in plain sight, help them hide the origin and receipt of the stolen tokens.
Money laundering has greatly evolved from the traditional practice invented by Italian mafias and is now done through complex technology. With cryptos being increasingly used for criminal purposes, money laundering services are becoming more prominent and the expanding market for these services has continued to attract more players.