RE:Crypto Soars! You are absolutely right and in addition:
Some studies and reports have highlighted that cryptocurrencies, due to their pseudonymous nature, can be used for illicit activities such as:
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Money Laundering: Cryptocurrencies can be used to move money across borders quickly and with some degree of anonymity, making it harder for authorities to trace illicit funds. This has led some to argue that the lack of regulation in the early days of crypto made it appealing for money laundering.
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Terrorist Financing: Cryptocurrencies have been used by certain groups for funding terrorism, as they can offer a more difficult-to-trace alternative to traditional banking systems. Some extremist organizations have been known to solicit donations via cryptocurrency.
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Ransomware and Darknet Markets: Cryptocurrencies, especially Bitcoin, have been used in ransomware attacks and darknet markets, where illegal goods and services (such as drugs or weapons) are bought and sold. This is another example of how crypto has been associated with illicit activity.