Fraud involving cryptocurrencies has developed into a growing global concern, with numerous governments reporting an increase in the incidence of cryptocurrency fraud and losses incurred as a result of these frauds. In recent years, there has been a growing trend towards the use of cryptocurrency as part of criminal activities and to launder the proceeds of crime. This includes both the use of cryptocurrency as a means of payment and the use of cryptocurrency itself. Over the past few years, as a result of this trend, criminals have also become more sophisticated in their use of cryptocurrencies. In addition to using cryptocurrencies to disguise the flow of money in increasingly complicated money laundering schemes, criminals are increasingly using cryptocurrencies as a means of payment or as currency for investment fraud purposes. So far, a relatively small number of cases have been documented in which virtual currencies have been used to purchase items or pay for services associated with terrorist organizations. The term "illegal use of cryptocurrencies" no longer primarily refers to activities related to cybercrime; rather, it now refers to all types of criminal activities that require the transfer of monetary value. This change in terminology is due to the fact that the illegal use of cryptocurrencies is no longer primarily limited to activities related to cybercrime. On the other hand, it is difficult to accurately assess the extent and share of illegal use of cryptocurrencies as part of criminal activities. This is because the use of cryptocurrencies in illegal activities is a relatively new phenomenon. Criminals and criminal networks involved in serious and organized crime continue to place significant importance on the use of traditional fiat money and transactions, while exploiting emerging opportunities for value transfer.