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A new report by European law enforcement agency Europol cast aspersions on cryptocurrency mining, calling the burgeoning industry vulnerable to money laundering and financial frauds.
What Happened: The 56-page report on encryptions and data privacy accused the mining industry of being a soft target for "criminal actors."
To illustrate, the report cited cases where mining rigs were used to buy cryptocurrency equipment from criminal proceeds–a case of money laundering.
"Even when such purchases were not profitable, criminals can still run such mining operations as it can be a cover for illicit earnings," the report underlined. Moreover, it can fetch them profits if they mine new cryptocurrencies.
Europol added that such activities were observed in mining pools, especially those targeted by ransomware attackers.
The report further highlighted the growing menace of cryptojacking – a cyber attack that exploits a target computer to illicitly mine cryptocurrencies. Put simply, this method steals a miner's processing power for which they make huge capital investments.
The agency also flagged specific examples where attackers used mining pools to run Ponzi schemes. The BitClub Network, which promised earnings from non-existent pools, scammed investors of millions of dollars.
Why It Matters: The scathing criticism comes even as former President Donald Trump warms up to Bitcoin (CRYPTO: BTC) miners to build support for his presidential bid.
Trump had a meeting with miners at his Mar-a-Lago resort on Tuesday, meeting top executives from mining giants like Riot Platforms Inc. (NASDAQ:RIOT) and CleanSpark Inc. (NASDAQ:CLSK).
In an unprecedented endorsement, the Republican challenger said via his Truth Social account, "Bitcoin mining may be our last line of defense against a CBDC." He joined the chorus, demanding all remaining Bitcoins be mined in the U.S.
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