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Illicit Crypto Addresses Acquired $14 Billion in 2021, Solely 0.15% of Transaction Quantity Related With Crime – Regulation Bitcoin Information

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Based on the most recent knowledge from Chainalysis, the full cryptocurrency worth obtained by illicit addresses grew to a brand new all-time excessive of $14 billion in 2021. Though the brand new all-time excessive is sort of twice the $7.8 billion that was recorded in 2020, it represents simply 0.15% of the 2021 cryptocurrency transaction quantity.

Proportion of Funds Despatched to Illicit Addresses Falling

The worth of cryptocurrency-related crimes recorded in 2021 surged to a brand new all-time excessive of $14 billion, a determine that’s nearly double the $7.8 billion which was obtained by so-called illicit addresses within the yr 2020. However, this improve within the worth of funds transferred to illicit addresses remains to be a lot decrease than the common progress of the crypto economic system, the most recent Chainalysis knowledge has proven.

Report: Illicit Crypto Addresses Received $14 Billion in 2021, Only 0.15% of Transaction Volume Associated With Crime

In a current weblog put up breaking down the crypto economic system’s 2021 transaction quantity of $15.8 trillion, the blockchain evaluation agency Chainalysis asserts that the expansion in worth of funds transferred to illicit addresses shouldn’t be a sign that the house is now dominated by criminals. Somewhat, this progress could also be a touch of simply how far the crypto economic system has expanded in 12 months.

For example, the weblog put up factors to the 567% progress in crypto transaction quantity which the evaluation agency is linking to the rising adoption of cryptocurrencies. Chainalysis additionally affords its viewpoint on the rising hole between illicit exercise quantity and legit quantity:

In truth, with the expansion of reliable cryptocurrency utilization far outpacing the expansion of felony utilization, illicit exercise’s share of cryptocurrency transaction quantity has by no means been decrease.

Crypto Crime Impedes Adoption

To assist its place that illicit exercise’s share of cryptocurrency transaction quantity is on the wane, Chainalysis factors to the info which reveals that crime-related addresses solely accounted for 0.15% of 2021 volumes. This determine is decrease than the 0.62% recorded in 2020 and the three.37% that was recorded in 2019.

Report: Illicit Crypto Addresses Received $14 Billion in 2021, Only 0.15% of Transaction Volume Associated With Crime

Regardless of noting the low proportion of felony crypto transfers relative to the general transaction volumes, Chainalysis nonetheless concedes the “felony abuse of cryptocurrency creates enormous impediments for continued adoption.” The put up argues that such abuse usually “heightens the probability of restrictions being imposed by governments, and worst of all victimizes harmless individuals all over the world.”

The weblog put up additionally advised that regulation enforcement businesses have gotten more proficient at combating cryptocurrency-based crimes. It cites the indictment of a number of crypto funding scams by the U.S. Commodity Futures Buying and selling Fee (CFTC) in addition to OFAC’s sanctioning of two Russia-based cryptocurrency platforms.

What are your ideas on this story? Inform us what you assume within the feedback part under.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, creator and author. He has written extensively in regards to the financial troubles of some African international locations in addition to how digital currencies can present Africans with an escape route.







Picture Credit: Shutterstock, Pixabay, Wiki Commons

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