Cybercriminals laundered $ 8.6 billion in cryptocurrencies last year, a 30% increase from 2020, according to a report by analysis firm Chainalysis published today, Reuters reports.
In all, cybercriminals have laundered more than $ 33 billion worth of cryptocurrencies since 2017, according to Chainalysis estimates, with most moving gradually to central exchanges.
The company notes that the rapid increase in money laundering activities in 2021 comes as no surprise, given the large increase in overall activity, both legal and illegal, in the crypto market last year.
About 17% of the $ 8.6 billion laundered went to decentralized financial applications, Chainalysis estimates. This is the sector that manages cryptocurrencies outside the traditional banking sector.
Chainalysis also clarified that the $ 8.6 billion laundered last year represented funds raised from cryptocurrency crimes, such as dark internet sales and ransomware attacks where traditional currencies are not used.
“It is more difficult to calculate the amount of traditional money from off-net crimes – from drug trafficking, for example – that is turned into a crypt to be laundered,” Chainalysis said in a report. “However, we know unofficially that it is happening,” he added.
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
