Illegal Crypto Transactions Reach A New Peak

Uploaded on 2023-02-16 in GOVERNMENT-Law Enforcement, FREE TO VIEW, BUSINESS-Services-Financial, TECHNOLOGY-Key Areas-Blockchain

More than $20.1 billion worth of illegal transactions were conducted using crypto-currency in 2022, according to the blockchain analysis company Chainalysis. They report a 11.7% per cent increase from the $18bn that was recorded in 2021.

Despite a market downturn, illicit transactions continued to gain ground in the crypto currency sector and the share of crypto currency activity associated with crime has risen consistently since 2019. These numbers are expected to get even higher as more criminal activity is uncovered by security researchers.

Chainalysis works with law US enforcement agencies and the US government to trace crypto currency transactions and around 44% of the money was linked to sanctioned entities such as the Russian crypto currency exchange Garantex. The US Treasury’s Office of Foreign Assets Control sanctioned that company in April 2022, meaning that any trades conducted on the platform falls under the category of illicit.

Chainalysis has estimated the of $20.1bn for 2022 is likely to increase as it identifies new addresses and in its current 2023 Crypto Crime Report, they say that transaction volumes fell across all of the other more conventional categories of cryptovcurrency-related crime, with the exception of stolen funds, which increased at a rate of 7% year-on-year.

Chainalysis: Standard: Oodaloop: Infosecurity Magazine: Punchng: Arabian Business:

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