Crypto Worth Over $8.6 Billion Was Laundered By Cybercriminals In 2021
Cryptocurrency truly took off in 2021. Whenever a new tech involving money or currency of any sort begins to get popular, so does its illegal underbelly. The same is also true for cryptocurrency. About $8.6 billion worth of cryptocurrency was laundered by cybercriminal gangs in 2021, marking a 30% increase from 2020.
According to a Chainalysis report published on Wednesday, about $8.6 billion in cryptocurrency like bitcoin, dogecoin, etc. were laundered in just 2021. The company tracked transactions linked to cybercriminal activity across different cryptocurrency blockchains, The Record reported. This meant tracing addresses linked to activities like darknet market sales, ransomware attacks, crypto hacks, and online scams.
A booming laundering market
Chainalysis claims that in total, cybercriminals have laundered $33 billion worth of cryptocurrency since 2017 "with most of the total over time moving to centralized exchanges."
Most cybercrime groups sent funds to centralised cryptocurrency exchanges, where the funds were converted into local fiat currency.
Also read:?Bitcoin, Ethereum See Major Drop In Value As Crypto Continues Bad Start To 2022
In addition, about 47% of all stolen cryptocurrency was laundered through traditional exchanges. The second-most preferred method to launder cryptocurrency was DeFi (decentralised finance) platforms that allow users to convert funds into other cryptocurrencies on various platforms. This accounted for 17% of all laundering, compared to 2% in 2020.
There's good news too! According to Chainalysis, crypto money laundering has remained concentrated in a few services over the last few years, suggesting that law enforcement authorities may be able to clip the wings of many laundering operations.
Also read:?Kazakhstan's Internet Shutdown Slashed Bitcoin And Crypto Coin Value: Here's Why
The future of cryptocurrency in India is still unknown. India's Union Budget 2022; se to be unveiled on February 1, 2022 could shed light on the future of cryptocurrencies in India.
Have you invested in cryptocurrencies? Let us know in the comments below.?For more in the world of?technology?and?science, keep reading?Indiatimes.com.??
References
Cimpanu, C. (2022b, January 26). Cybercriminals laundered $8.6 billion worth of cryptocurrency in 2021. The Record by Recorded Future.?
