CyberNews Briefs

Illegal Crypto Transaction Volumes Hit All-Time High

According to recent reporting by blockchain analysis company Chainalysis, over $20 billion worth of illegal transactions were conducted using cryptocurrency last year. The record numbers are expected to get even higher as more illicit activity is uncovered by security research teams. Chainalysis works with law enforcement agencies and the government to trace cryptocurrency transactions. In 2021, Chainlysis reported that $18 billion in illicit fund transactions were identified.

Roughloy 44% of the money was linked to sanctioned entities such as the Russian cryptocurrency exchange Garantex. The US Treasury’s Office of Foreign Assets Control sanctioned the company in April 2022, meaning that any trades conducted on the platform falls under the category of illicit. All categories of crypto crimes fell with the exception of the stolen funds category, which grew by 7%.

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