Despite the proliferation of more than 2000 cryptocurrencies, including harder-to-track privacy coins, the overwhelming majority of criminals still prefer Bitcoin for illicit activity.
“Bitcoin is by far the favorite,” Jonathan Levin, co-founder and COO of Chainalysis, tells Fortune on the latest episode of “Balancing the Ledger.”
Chainalysis makes software that helps cryptocurrency firms and law enforcement trace the public ledger of transactions recorded on 10 different blockchains. That number includes four new cryptocurrencies Chainalysis added on Wednesday, all of which are stablecoins: Tether; Gemini Dollar; USD Coin; Binance Coin.
As for Bitcoin, which is currently trading at just under $5,500, Levin says it accounts for 95% of the cryptocurrency cases law enforcement investigates.
The same reasons that have made Bitcoin, the original cryptocurrency, the top digital coin on the market have also made it criminals’…