Report Reveals $70 Billion in Illicit Transactions in Crypto Market Over 5 Years:
“The cryptocurrency market has experienced approximately $70 billion in illicit transactions over the past five years, as reported in a recent study, “Report Reveals $70 Billion in Illicit Transactions in Crypto Market Over 5 Years
“According to figures revealed by AltIndex.com, illicit cryptocurrency transactions have surged by 308 percent since 2017.”
“Last year, the cryptocurrency sector witnessed a staggering $20.6 billion in illicit transactions, marking the highest amount in its history.”
Illicit currency activity involves transactions associated with stolen assets, fraudulent schemes, ransomware attacks, human trafficking, funding for terrorism, and operations within darknet markets
“In 2017, the currency space registered $4.9 billion in illicit transactions. Although this figure dipped to $4.6 billion the following year, it nearly tripled to reach $12.3 billion in 2019.”
The data shows that in 2020, there was a decrease, with approximately 30 percent fewer illicit transactions. However, from 2021 onwards, there was a substantial increase in illicit cryptocurrency activities in Crypto Market.”
Additionally, from 2020 to 2021, the total transfer volume of illicit currency transactions more than doubled, reaching $18.1 billion.
The pattern of unlawful activities persisted in 2022, with the total transaction value soaring to $20.6 billion, representing a substantial 308 percent rise over a five-year period.
However, the ratio of illicit transactions compared to the overall currency volume has declined during this timeframe. These transactions constituted 0.86 percent of all currency transactions five years ago, but this figure dropped to 0.24 percent last year.”
“While illicit activities in the currency space surged in the past five years, so did the number of sanctioned entities and addresses.”
Chainalysis data indicates that in 2018, the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury implemented its initial cryptocurrency-related sanctions by designating two Iranian individuals associated with the SamSam ransomware.
During the subsequent two years, most of the addresses subject to sanctions were personal wallet addresses owned by individuals, averaging two addresses per cryptocurrency-related designation in 2018, four in 2019, and nine in 2020..”
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