A Coinbase executive is pushing back against the common narrative that cryptocurrencies are the preferred tool for criminals, arguing that traditional cash remains the dominant force behind illicit financial activity. According to a <a href="https://www.wsj.com/finance/regulation/chinese-money-launders-are-moving-billions-through-u-s-banks-cf617283" target="_blank" rel="nofollow noopener">blog post</a> from the company, Coinbase is publicly detailing a recent extortion attempt against the exchange. In the post, Coinbase’s Chief Legal Officer, <b>Paul Grewal</b>, emphasizes the company’s commitment to transparency and security. The article highlights that Coinbase is actively working with law enforcement to track down cybercriminals and will not pay a $20 million ransom, opting instead to establish a reward fund for information leading to their arrest. This bold stance is a direct challenge to critics who often portray the crypto industry as a haven for illegal activities.
<h2>Cash vs. Crypto: The Bigger Picture on Illicit Finance</h2>
[embed]https://twitter.com/iampaulgrewal/status/1961248568972308843[/embed]

While regulators and critics often focus on the use of digital assets for illegal purposes, Grewal's statement points to a larger truth about global finance. Data from various sources, including Europol and Chainalysis, indicates that the overall value of cryptocurrency transactions related to criminal activity is a small fraction—often less than 1%—of total transaction volume. In stark contrast, it's estimated that trillions of dollars are laundered annually through traditional cash and fiat currencies. Grewal's comments and the company's response to the recent extortion attempt serve as a powerful reminder that <a href="https://www.cryptoknowmics.com/news/how-to-buy-cryptocurrency/" target="_blank" rel="noopener">cryptocurrencies</a>, with their public and traceable blockchains, can actually provide law enforcement with more tools to fight crime than traditional, anonymous cash transactions.

Coinbase Executive Says Cash is the "Kingpin" of Crime

A Coinbase exec argues that traditional cash is used for far more crime than crypto, citing public data on illicit finance.

Coinbase Executive Says Cash is the "Kingpin" of Crime

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