{"id":41182,"date":"2023-01-14T07:42:32","date_gmt":"2023-01-14T07:42:32","guid":{"rendered":"http:\/\/egrowonline.com\/?p=41182"},"modified":"2023-01-14T07:42:32","modified_gmt":"2023-01-14T07:42:32","slug":"illegal-on-chain-cryptocurrency-activities-reach-all-time-highs-of-20-1b","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=41182","title":{"rendered":"Illegal on-chain cryptocurrency activities reach all-time highs of $20.1B"},"content":{"rendered":"


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\"Haru\"Haru <\/a><\/div>\n

Illicit cryptocurrency on-chain transaction volume reaches all-time highs of $20.1 billion, growing for the second year in a row, according to a recent report<\/a> by Chainalysis.<\/p>\n

The report said:<\/p>\n

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We have to stress that this is a lower-bound estimate \u2014 our measure of illicit transaction volume is sure to grow over time as we identify new addresses associated with illicit activity.<\/p>\n<\/blockquote>\n

The figure does not include proceeds from non-crypto native crimes, such as conventional drug trafficking involving cryptocurrency payments.<\/p>\n

Of the $20.1 billion, 44% came from activity associated with sanctioned entities<\/a>. Last year, the U.S. sanctioned cryptocurrency mixing services Blender and Tornado Cash<\/a>, alleging they were used to launder billions of dollars from North Korea.<\/p>\n

Further, the U.S. Office of Foreign Assets Control (OFAC) implemented some of its most severe crypto sanctions in 2022.\u00a0 It has been estimated that OFAC Sanctions have cost cybercriminals $15M in potential revenue<\/a> in the past two months.<\/p>\n

Conventional Crypto Related crimes declined<\/h2>\n

On a positive note, the volumes of transactions related to more conventional cryptocurrency-related crimes, such as darknet marketing and terrorism financing, decreased. In contrast, the percentage of crypto funds stolen increased by 7% YOY.<\/p>\n

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Source: Chainalysis<\/figcaption><\/figure>\n

According to Chainalysis, the market downturn of 2022 might explain the slump since the crypto market went below $1 trillion from $3 trillion<\/a> last year. Previous research<\/a> has shown that crypto scams are less profitable in bear markets. The report said:<\/p>\n

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In general, less money in crypto overall tends to correlate with less money associated with crypto crime.<\/p>\n<\/blockquote>\n

Worth noting that illicit crypto activities have increased for the first time since 2019, from 0.12% in 2021 to 0.24% in 2022.<\/p>\n

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Source: Chainalysis<\/figcaption><\/figure>\n

In addition, illicit activity in cryptocurrency is responsible for less than 1% of the overall volume.\u00a0 Although crypto-related crime increased in 2022, Chainalysis maintained that the trend remained downward.<\/p>\n<\/article>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Illicit cryptocurrency on-chain transaction volume reaches all-time highs of $20.1 billion, growing for the second year in a row, according to a recent report by Chainalysis. The report said: We have to stress that this is a lower-bound estimate \u2014 our measure of illicit transaction volume is sure to grow over time as we identify […]<\/p>\n","protected":false},"author":1,"featured_media":41183,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[36],"tags":[13362,1940,1285,52,2784,4795,1372,1017],"class_list":["post-41182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-201b","tag-activities","tag-alltime","tag-cryptocurrency","tag-highs","tag-illegal","tag-onchain","tag-reach"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2023\/01\/illegal-crypto-transaction.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/41182","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=41182"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/41182\/revisions"}],"predecessor-version":[{"id":41184,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/41182\/revisions\/41184"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/41183"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41182"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}