Regardless of the decline within the cryptocurrency market, illicit transaction quantity elevated for the second 12 months in a row in 2022, reaching a file excessive of not less than US$20.1 billion, in accordance with the most recent annual Crypto Crime Report by blockchain information platform Chainalysis.
The report discovered that sanction-related transaction quantity, largely related to crypto exchanges in Russia, surged over 10 million p.c from 2021 to 2022, accounting for the biggest half (44%) of all illicit transaction quantity final 12 months.
The crypto neighborhood can nevertheless discover loads of positives to remove from this newest report. In contrast to in 2021, this 12 months, transactions related to conventional types of crypto crime — scams, terrorism financing, and fraud retailers — all confirmed year-on-year decreases. Solely transaction volumes associated to stolen funds rose 7% 12 months on 12 months, and even this represented a considerably decelerated charge of development in comparison with the earlier 12 months when the corresponding enhance was nearly 6x.
General, the share of all cryptocurrency exercise related to illicit exercise stays encouragingly small — simply 0.24% of the full cryptocurrency transaction quantity.
“The occasions of 2022 have made clear that though blockchains are inherently clear, the trade has room for enchancment on this respect. There are alternatives to attach off-chain information on liabilities with on-chain information to offer higher visibility, and the transparency of all transactions on-chain in DeFi is an ordinary that each one crypto companies ought to try to realize. As increasingly worth is transferred to the blockchain, all potential dangers will turn out to be clear, and we could have extra full visibility,” mentioned Kim Grauer, Director of Analysis, Chainalysis.
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