Report: Fraudsters laundered $8.6 billion worth of cryptocurrency in 2021


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The blockchain-based data platform Chainalysis estimates that the total value of cryptocurrencies laundered in 2021 reached $8.6 billion, 30% more than the figure recorded in 2020.

Cryptocurrency money laundering is on the rise:

In its latest report, Chainalysis reports that cybercriminals dealing with cryptocurrency share one goal:

Transferring their illicit money to a service that can be kept safe from the authorities and eventually converted into cash.

In line with the rapid expansion of the industry in 2021, illegal operations involving bitcoin and altcoins have risen, Chainalysis notes.

While in 2020, bad actors laundered $6.6 billion in digital assets, the figure rose to $8.6 billion in 2021, which is what the chart below shows:

Nearly 17% of the $8.6 billion was transferred to decentralized finance applications, up 2% in 2020.

The report added that mining pools, high-risk trading platforms and mixers also experienced significant growth in the value received from illegal addresses.

Chainalysis explained that these numbers only represent funds derived from crypto-crime, including darknet market sales or ransomware attacks, and added:

It is more difficult to measure how much fiat currency is derived from off-line crimes, such as traditional drug trafficking, for example being converted into cryptocurrency to be laundered.

But we know that this happens periodically.

Crypto crimes in 2021:

Theft and fraud remained the main type of cryptocurrency crime last year.

The digital wallets linked to the theft sent nearly half of their stolen funds to DeFi applications.

This may be related to the fact that more cryptocurrencies were stolen from such protocols than any other type of platform in the past year.

On the other hand, scammers sent most of their money to the addresses of central trading platforms.

The dark web market, terrorist financing and ransomware were among the main forms of digital crime that occurred in 2021.

Read also:

After Visa’s partnership with cryptocurrency platforms…the use of cards linked to cryptocurrency has increased

Starting the Ethereum “Shanghai” upgrade… Find out what this upgrade has features

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