The headlines have been dominated by news of the collapse of cryptocurrency exchange FTX, and crypto investors losing their wits (and pants). But another activity – no less damaging to the economy and people’s lives, yet far more insidious – has gone on from the day crypto emerged on the scene.

To date, at least US$4 billion (S$5.5 billion) worth of illicit crypto proceeds have been concealed by criminals and high-risk entities using different channels. This shows how, even as new technologies remove barriers to the free flow of capital between crypto assets, these very technologies are being abused for money laundering.