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Cryptocurrency fights human trafficking

In this post:

  • Cryptocurrency exchanges such as Gemini, Coinbase, Paxful and Bitfinex are supporting an anti-human trafficking group.
  • The Cryptocurrency Consortium (ATCC) works with cryptocurrency agencies to raise funds as well as with lawyers to rally against their cause.
  • The non-profit spans across blockchain and cryptocurrency exchanges and fights against the sexual abuse that some children face and do not aim to make a profit.

Cryptocurrency fights human trafficking

Cryptocurrency exchanges such as Gemini, Coinbase, Paxful and Bitfinex are supporting an anti-human trafficking group. The Cryptocurrency Consortium (ATCC) works with cryptocurrency agencies to raise funds as well as with lawyers to rally against their cause.

The non-profit spans across blockchain, crypto exchanges, fights against the sexual abuse that some children face and do not aim to make a profit. The crypto firms shall monitor details regarding human trafficking plus child sexual abuse. If any alerts come through, they notify other ATCC members and relevant policing groups.

ATCC has only existed since April 2020.  Aaron Kahler, the founder of ATCC, said the companies main aims are to prevent, detect and report human trafficking and child exploitation.

Mr. Kahler continued explaining how his organisation is trying to establish additional programs for training, data and devising tools that combat the devastation. John Kothanek,  the senior director of global intelligence at Coinbase exchange, said that the partnership came about since their values aligned.

The company is involved in more groups that help discover fraudulent use of money for trafficking people. The company does not stop at slavery but also identifies if there are any ransom accounts set up or money laundering of any kind.

Chainanlysis, another ATCC member, managed to discover $930,000 of BTC and ETH transactions to the material used for child sexual abuse by 2019. A report from the Financial Crimes Enforcement Network stated that some human traffickers were linked with crypto accounts.

Hopefully, with time the work being done to eradicate the criminal activity by these crypto giants will ensure the end of crypto being used to abuse people.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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