Cryptocurrencies took the world by storm when Bitcoin was first introduced, acting as the world’s first decentralized online currency. The crypto market had limited barriers to entry compared to traditional finance and offered fast, secure, and private payments to users. The fact that it was built on decentralized blockchain technology that eliminated the need for a centralized banking institution attracted millions of users across the world, especially from developing countries.

However, blockchain has been plagued by dishonest and malicious players since its inception. The enhanced privacy, security, and limited traceability capabilities that were the technology’s selling point also attracted criminal elements that could easily avoid detection on the…

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