Illegal crypto transactions in 2022 exceeded $ 20 billion for the first time: chain analysis

Illegal crypto transactions in 2022 exceeded $ 20 billion for the first time: chain analysis

Illegal financial transactions with cryptocurrencies in 2022 reported sharply in the second year in a row and have reached an all-time high of $ 20.1 billion.

The previous record dates from 2021, as digital assets enabled criminal proceedings worth $ 18 billion.

go up in the middle of the bear market

Apart from the significant decline in market, the numerous bankruptcies and scandals will be remembered in 2022 as a flowering year for illegal cryptocurrency transactions. According to the latest study by Chainalysis, the total value of illegal crypto addresses has achieved $ 20.1 billion in the past 12 months.

The blockchain data platform found that the events of last year made the creation of the latest report somewhat "difficult". It also explained that the number only contains crimes related to cryptocurrencies and no other crimes such as the use of digital currencies in drug trafficking or prostitution.

"We have to emphasize that this is a lower limit of the estimate-our measure of the volume of illegal transactions will increase over time."

Chainalysis found that transactions related to sanctioned organizations in 2022 compared to 2021 and 44 % of the total criminal activities of last year.

Chainalysis numbers, chainalysis

The cryptocurrency exchange based in Russia-Garantex-is such an example. The Office of Foreign Control (OFAC) approved it in April (a few months after Wladimir Putin had started its "Military Special Operation" in Ukraine), but the platform continued.

cryptocurrency fraud also played an important role and accounts for about 20 % of the total illegal transactions. Nevertheless, the crypto driving due to fraudulent systems were much lower in the past year than those recorded in 2021.

"The market decline could be a reason for this. In the past, we have found that, for example, crypto fraud gains less income during Baisse markets, probably because the users are more pessimistic and the promise of fraud on high returns in times of falling wealth prices.

In general, less money in crypto tends to correlate with less money in connection with cryptocrimity, ”said Chainalysis.

Less Darknet transactions

Illegal business on the Darknet market with cryptocurrencies also declined compared to 2021 (during the bull run).

The US authorities arrested Roman Sterlingov-in April 2021 and claimed that he was worth over 330 million Washed dollars. He was the leader of Bitcoin Fog - an internet service that operates on the Darknet.

The officials doubled in August, spaserver-spaces = "true"> accusing the residents of Baltimore-Ryan Farace-the laundry of almost 3,000 BTC in the dark Web.

Such an example was the study against the Russian Darknet marketplace Hydra Market last year. Germany's law enforcement authorities shut down the company's server infrastructure in April and confiscated 543 BTC.

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