Bulletpoints:
1. A report by Chainalysis found that illegal on-chain cryptocurrency activities have reached an all-time high of $20.1 billion.
2. Of the $20.1 billion, 44% came from activity associated with sanctioned entities, such as Blender and Tornado Cash.
3. There was a 7% increase in crypto funds stolen, while the volumes of transactions related to more conventional crimes, such as darknet marketing and terrorism financing, decreased.
Article:
Cryptocurrency has become a popular form of currency in the digital age, and with its increased usage comes increased potential for illegal activities. According to a recent report by Chainalysis, illegal on-chain cryptocurrency activities have reached an all-time high of $20.1 billion. This represents a significant increase from the previous year, with the majority of this amount coming from activity associated with sanctioned entities.
The report found that 44% of the $20.1 billion came from activity associated with sanctioned entities, such as Blender and Tornado Cash. These services have been accused of money laundering in the past, and the U.S. Office of Foreign Assets Control (OFAC) has implemented some of its most severe crypto sanctions in the past two months to combat this activity.
Unfortunately, the report also found that there has been a 7% increase in crypto funds stolen. This could be attributed to the rise in cryptocurrency-related scams, which can involve fake websites, phishing emails, and malicious software. However, the report did find some good news, as the volumes of transactions related to more conventional crimes, such as darknet marketing and terrorism financing, have decreased.
The report highlighted that these figures are “a lower-bound estimate” and are likely to increase over time as more addresses associated with illicit activity are identified. As cryptocurrency usage continues to grow, authorities will need to continue to find new ways to combat the illegal activities that accompany it. However, the data suggests that the efforts of governments and law enforcement are having an impact.
