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Illicit Crypto Addresses Received $14 Billion in 2021, Only 0.15% of Transaction Volume Associated With Crime – Regulation Bitcoin News

Based on the newest information from Chainalysis, the whole cryptocurrency worth acquired 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 acquired by so-called illicit addresses within the 12 months 2020. However, this enhance within the worth of funds transferred to illicit addresses remains to be a lot decrease than the common development of the crypto economic system, the newest Chainalysis information has proven.

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

In a current weblog post 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 isn’t a sign that the house is now dominated by criminals. Slightly, this development could also be a touch of simply how far the crypto economic system has expanded in 12 months.

As an example, the weblog put up factors to the 567% development 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:

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The truth is, with the expansion of reliable cryptocurrency utilization far outpacing the expansion of prison 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 information 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.

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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 prison crypto transfers relative to the general transaction volumes, Chainalysis nonetheless concedes the “prison abuse of cryptocurrency creates big 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 folks world wide.”

The weblog put up additionally advised that legislation enforcement companies 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.

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Terence Zimwara

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














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