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Top Crypto Exchanges Come Together Against Human Trafficking

Top crypto exchanges – Gemini, Coinbase, Bitfinex, and Paxful – have become a member of the non-profit organization, Anti-Human Trafficking Cryptocurrency Consortium (ATCC). This organization operates with blockchain analytics institutions, crypto exchanges, and law enforcement to battle child sexual abuse material (CSAM) and human trafficking. As representatives of ATCC, crypto exchanges will supervise transactions to find information linked with such trafficking, while also planning to communicate with more ATCC officials along with law enforcement executives. 

In April, ATCC launched the Anti-Human Trafficking Intelligence Initiative. Aaron Kahler, the founder said that ATCC is trying to align companies to play an influential part in the “prevention, detection and reporting of human trafficking and child exploitation.” He further said that ATCC and ATII were creating all-inclusive programs, data, tools, and training related to battling the these problems. 

Human Trafficking – Crypto Relationship Already Being Traced

Additionally, John Kothanek, senior director of global intelligence at Coinbase exchange states that ATCC’s undertakings in battling unlawful activities are positioned with Coinbase’s perspective. Kothanek disclosed that Coinbase is also engaged with other associations that assist in recognizing illegal proceeds of criminal money not only through human trafficking but also through Fentanyl sales, money laundering, and ransomware. 

In the meantime, Chainalysis, the blockchain analysis company, which is also a member of the ATCC  has already traced approximately $930,000 worth of Ethereum (ETH) and Bitcoin (BTC) transactions to addresses connected with child sexual abuse material websites in 2019. Even this year, between January and March 2020, BTC and ETH worth just under $250,000 were transacted and tracked to CSAM suppliers.

Even though crypto transactions linked to CSAM participants have reduced in 2020, the latest report by the Financial Crimes Enforcement Network said that human traffickers nevertheless use “convertible” cryptos to conceal the illegal criminal money. 

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