Illegal on-chain cryptocurrency activities reach all-time highs of $20.1B

Illicit cryptocurrency on-chain transaction measurement reaches all-time highs of $20.1 billion, increasing for the 2nd twelvemonth successful a row, according to a caller report by Chainalysis.

The study said:

We person to accent that this is simply a lower-bound estimation — our measurement of illicit transaction measurement is definite to turn implicit clip arsenic we place caller addresses associated with illicit activity.

The fig does not see proceeds from non-crypto autochthonal crimes, specified arsenic accepted cause trafficking involving cryptocurrency payments.

Of the $20.1 billion, 44% came from enactment associated with sanctioned entities. Last year, the U.S. sanctioned cryptocurrency mixing services Blender and Tornado Cash, alleging they were utilized to launder billions of dollars from North Korea.

Further, the U.S. Office of Foreign Assets Control (OFAC) implemented immoderate of its astir terrible crypto sanctions successful 2022.  It has been estimated that OFAC Sanctions person outgo cybercriminals $15M successful imaginable revenue successful the past 2 months.

Conventional Crypto Related crimes declined

On a affirmative note, the volumes of transactions related to much accepted cryptocurrency-related crimes, specified arsenic darknet selling and coercion financing, decreased. In contrast, the percent of crypto funds stolen accrued by 7% YOY.

Source: Chainalysis

According to Chainalysis, the marketplace downturn of 2022 mightiness explicate the slump since the crypto marketplace went beneath $1 trillion from $3 trillion past year. Previous research has shown that crypto scams are little profitable successful carnivore markets. The study said:

In general, little wealth successful crypto wide tends to correlate with little wealth associated with crypto crime.

Worth noting that illicit crypto activities person accrued for the archetypal clip since 2019, from 0.12% successful 2021 to 0.24% successful 2022.

Source: Chainalysis

In addition, illicit enactment successful cryptocurrency is liable for little than 1% of the wide volume.  Although crypto-related transgression accrued successful 2022, Chainalysis maintained that the inclination remained downward.

The station Illegal on-chain cryptocurrency activities scope all-time highs of $20.1B appeared archetypal connected CryptoSlate.