After concluding that Bitcoin accounts for 95% of Cryptocurrency crime, Jonathan Levin, co-founder and COO of Chainalysis, a firm efficient in helping law enforcement agency in tracing crypto transaction, has stylishly expunged more than 2000 existing altcoins in the space, claiming most of criminals prefer Bitcoin for illegal transactions.
Speaking on “Balancing the Ledger on Fortune, Levin said Bitcoin is the most preferred asset demanded by criminals across the globe.
With Chainalysis’ software used by law enforcement and crypto firms to trace public ledger of transactions on nothing less than 10 blockchains, the analyst posited that 95% of the cryptocurrency cases that are presently being investigated found Bitcoin as the major digital asset used by criminals.
The reason, according to him, is the originality of Bitcoin, which makes it the top digital coin in the market, and the fact that it is invaluable, and easy to trade.
Shocking Revelation on QuadrigaCX
Levin dropped some shocking revelations about QuarigaCX, a Canada-based crypto exchange that allegedly could not access $190 million worth clients’ fund owing to the death of its CEO.
In his explanation, Levin said Chainalysis tried tracking the funds that are inaccessible to anybody except the CEO, and noticed that fund never existed in the wallet.
He said: “What we found very quickly was that Quadriga as an exchange actually didn’t have those customer funds that were reported in the media to be now lost—those funds actually never existed.”
The whereabout of the bitcoin funds said to be in the wallet is still a mystery to Chainalysis. However, some customers are still alleging that the mysterious disappearance of the CEO amidst other tales revolving around the issue keep the world in doubt.