According to CryptoPotato, Bitcoin remains the most utilized cryptocurrency by criminals, despite the emergence of privacy coins like Monero. The Europol Internet Organized Crime Threat Assessment report highlights that financial crimes continue to be the primary illicit use of cryptocurrencies. Bitcoin's accessibility makes it a preferred asset for ransomware groups, although criminals often convert it to stablecoins to avoid market volatility, especially when obtained through investment fraud. The report notes that rising crypto prices and media attention have led to an increase in fraudulent investment schemes. Cryptocurrencies, particularly the U.S. dollar-pegged stablecoin Tether (USDT) on the Tron (TRX) network, are frequently used in these schemes due to the network's low transaction fees. Additionally, the use of altcoins in illicit activities has surged, with underground banking and crypto debit cards becoming popular for quick cash conversions at ATMs. Encrypted messaging apps are also increasingly used for cash-to-crypto exchanges, allowing criminals to bypass compliance checks and conceal their identities. Europol has expressed concerns about the approval of spot Bitcoin ETFs, suggesting they could create new opportunities for scammers. Companies issuing these ETFs hold significant crypto reserves, making them attractive targets for fraudsters. While Bitcoin remains the preferred cryptocurrency for ransomware groups, the report highlights the rising use of Monero (XMR) due to its privacy features, which make it an optimal choice for criminals looking to conceal their funds. In January 2024, a significant crypto-jacking operation was uncovered in Ukraine, which had covertly mined over €1.8 million ($1.95 million) worth of cryptocurrencies, primarily Monero, but also included Ethereum (ETH) and Toncoin (TON). The report emphasizes that the decentralization inherent in Web3, blockchain technology, and peer-to-peer (P2P) networks creates environments conducive to cybercrime. These technologies enable transactions to be conducted anonymously and beyond the reach of authorities. Europol warns that as these decentralized systems continue to evolve, they will increasingly facilitate cybercriminal activities. Law enforcement faces challenges in tracking and prosecuting such activities, especially when virtual asset service providers are non-compliant and offshore-based. Privacy laws, particularly concerning end-to-end encryption (E2EE) communication platforms, prevent law enforcement agencies from accessing criminal communications.