Cryptocurrency Money Laundering Climbs 30% in 2021

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Compared to 2020, the cybercrime activity of cybercriminals has increased significantly in 2021. The fraudulent actors laundered more than $ 8.6 billion worth of crypto assets last year, which is 30% higher compared to $ 6.6 billion in 2020.

A recent report by Chainalysis, a leading blockchain data platform, shows that cybercriminals have laundered more than $ 33 billion worth of cryptocurrency assets since 2017. In 2021, money laundering accounted for only 0.05% of all crypto transactions.

The role of decentralized finance (DeFi) has increased in cryptocurrency money laundering over the last 12 months. According to the report published by Chainalysis, DeFi protocols received almost 17% of total funds sent by illegal wallets in 2021, more than 2% in 2020.

“Overall, cybercriminals have laundered more than $ 33 billion in cryptocurrency since 2017, and most of the total over time has moved to centralized exchanges. For comparison, the UN Office on Drugs and Crime estimates that between $ 800 billion dollars and 2 trillion dollars of fiat currency are laundered every year – even 5% of global GDP, ”the report noted.

“For comparison, money laundering accounted for only 0.05% of total crypto transaction volume in 2021. We cite those numbers not to try to minimize the crime-related issues of cryptocurrency, but rather to point out that money laundering is a scourge on almost all forms of economic value transfer. , “Chainalysis added.

Cryptocurrency Crime

While cryptocurrency-related crimes such as fraud and theft have increased in the past 12 months, tracking and tracing of such events has increased as well. In 2021, millions of dollars of hacked funds were recovered. Additionally, compared to 2019, the overall volume of money laundered by crypto assets has decreased.

In 2021, DeFi protocols received a total of $ 900 million from illegal cryptocurrencies, which is 1.964% higher compared to last year.

Compared to 2020, the cybercrime activity of cybercriminals has increased significantly in 2021. The fraudulent actors laundered more than $ 8.6 billion worth of crypto assets last year, which is 30% higher compared to $ 6.6 billion in 2020.

A recent report by Chainalysis, a leading blockchain data platform, shows that cybercriminals have laundered more than $ 33 billion worth of cryptocurrency assets since 2017. In 2021, money laundering accounted for only 0.05% of all crypto transactions.

The role of decentralized finance (DeFi) has increased in cryptocurrency money laundering over the last 12 months. According to the report published by Chainalysis, DeFi protocols received almost 17% of total funds sent by illegal wallets in 2021, more than 2% in 2020.

“Overall, cybercriminals have laundered more than $ 33 billion in cryptocurrency since 2017, and most of the total over time has moved to centralized exchanges. For comparison, the UN Office on Drugs and Crime estimates that between $ 800 billion dollars and 2 trillion dollars of fiat currency are laundered every year – even 5% of global GDP, ”the report noted.

“For comparison, money laundering accounted for only 0.05% of total crypto transaction volume in 2021. We cite those numbers not to try to minimize the crime-related issues of cryptocurrency, but rather to point out that money laundering is a scourge on almost all forms of economic value transfer. , “Chainalysis added.

Cryptocurrency Crime

While cryptocurrency-related crimes such as fraud and theft have increased in the past 12 months, tracking and tracing of such events has increased as well. In 2021, millions of dollars of hacked funds were recovered. Additionally, compared to 2019, the overall volume of money laundered by crypto assets has decreased.

In 2021, DeFi protocols received a total of $ 900 million from illegal cryptocurrencies, which is 1.964% higher compared to last year.

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