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According to chainalysis data Crypto Crime Report increase $3 Billion to $11 Billion

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Joyashree Dey Follow


Feb, 21 2022

Feb, 21 2022

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New Chainalysis data, released in a preview of Chainalysis’ upcoming 2022 Crypto Crime Report has found that 4,068 "criminal whales" hold $25 billion worth of illicit cryptocurrency.

The firm characterizes criminal crypto whales as any private wallet that holds $1 at least millions of cryptocurrency and has gotten 10% or a greater amount of those assets through illegal addresses. The report follows similar, recent reports on ransomware, NFT fraud, money laundering, and malware.

Two findings in this report become the overwhelming focus: the ascent in crypto balances that come from wrongdoing, and the explanations behind that rise.

The dossier - a preview to its upcoming released 2022 Crypto Crime Report - showed that, toward the last of 2021, offenders distinguished by Chanalysis held $11 billion in crypto resources, contrasted with just $3 billion the earlier year.

Taken funds in 2021 represented 93 percent of all criminal surpluses at $9.8bn. Darknet funds represented $448 million, scams were $192 million, while fraud shops were at $66 million, and ransomware at $30m.

Altogether, Chainalysis recognized 4,068 criminal whales - hoodlums holding more than $1 million in crypto - who, collectively, hold a faltering $25 billion worth of cryptocurrency.

Nonetheless, the report focuses on positive instances of law enforcement’s developing capacity to hold onto cryptocurrency from criminals.

Featured instances in 2021 included the U.S. Division of Justice (DOJ) seizing $2.3 million worth of cryptocurrency from the DarkSide ransomware administrators answerable for the assault on the Colonial Pipeline.

All the more as of late in February 2022, the DOJ seized $3.6 billion worth of Bitcoin associated with the 2016 hack of Bitfinex, in what is as of now the biggest ever recuperation of stolen funds in either cryptocurrency money or fiat.

“These stories are important not only because they allow financial restitution for victims of cryptocurrency-based crime, but also because they disprove the narrative that cryptocurrency is an untraceable, un-seizable asset perfect for crime,” the report stated.

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Joyashree Dey

CBW - External Analyst


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