"Rise in Bitcoin Use for Human Trafficking and Child Exploitation: FinCEN Report"

A report from the U.S. Department of the Treasury's FinCEN revealed a surge in the use of cryptocurrency, particularly bitcoin, in crimes related to human trafficking and the sexual exploitation of children, with 2,311 reported cases totaling over $412 million in 2020 and 2021. The majority of cases involved the exchange of crypto for "child sexual abuse material," often conducted over darknet marketplaces and through crypto kiosks or mixers. While the data examined predates recent market fluctuations, the report suggests that increased awareness and vigilance from financial institutions may have contributed to the rise in reported criminal use of cryptocurrencies.