The appeal of cryptocurrency is simple for those with criminal intent to understand. Digital assets in the form of "tokens" can be transferred without financial institutions keeping an eye out for indications of money laundering or other misconduct thanks to decentralized internet ledgers known as blockchains. More than $53 billion in alleged crypto-laundering was reported by New York-based crypto-investigations firm Chainalysis in 2022–2023, almost doubling its estimate for the two years prior. Another investigator, Nicholas Smart of Amsterdam-based Crystal Intelligence's Dubai office, jokes that "anyone can become a bank" using blockchains.
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