China crypto crime: Still ‘top ranked’ for illicit activity but crime is falling
Chinese wallets both sent and received more than $2 billion worth of crypto associated with illicit activities between April 2019 and June 2021. A new report from Chainalysis has found that while China’s share of global criminal crypto flows has been falling since the third quarter of 2019, the country still represents a disproportionate amount of money laundering and scam activity.In its August 3 Cryptocurrency and China report, Chainalysis stated that more than $2.2 billion worth of crypto had been sent from Chinese wallets to addresses associated with illicit activity between April 2019....
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A study by blockchain analytics firm Chainalysis finds that cryptocurrency-related crime has fallen significantly. The criminal share of all crypto activity fell to just 0.34% in 2020. This contradicts recent statements by U.S. Treasury Secretary nominee Janet Yellen and ECB President Christine Lagarde that cryptocurrencies are mostly used for illicit financing. Crypto Crime Plummeted in 2020 Chainalysis shared some findings from its 2021 Crypto Crime Report this week. While acknowledging that “cryptocurrency remains appealing for criminals as well due primarily to its pseudonymous....
The proceeds of crypto crime fell by more than $5 billion in 2020, due to increasing regulatory compliance by crypto exchanges and declining scams. Revenue from crypto-related crime dropped by more than half in 2020 according to Chainalysis’ annual report on the subject.Cybercriminals netted around $5 billion less than the $10 billion plus they got away with in 2019, representing a 53% fall. Transactions involving illicit funds have decreased even more rapidly than the total volume of those funds, falling from 2.1% of all transactions analyzed in 2019 down to just 0.34% last year. Among....
One of Australia's primary national law enforcement agencies, the Australian Crime Commission (ACC), is investigating bitcoin's role in organized crime in an official operation known as 'Project Longstrike'. According to a report published by Reuters earlier today, ACC Executive Director Judy Lind said that investigators were aware of and would be monitoring "misuse of virtual currencies to facilitate criminal activity." She said: "Organized crime groups continue to make use of darknets to harbor trading in illicit commodities, including child exploitation material, illicit drugs and....
China’s cryptocurrency transactions related to criminal activities have decreased significantly over the past couple of years, a new report suggests. At the same time, its special administrative region of Hong Kong is seeing a spike in crypto-related crime this year, with authorities attributing the rise to the popularity of crypto investments. Chinese Crime-Related Crypto Transactions Drop, According to Chainalysis China has been a leader in the global crypto space, not only because of its control over a large portion of bitcoin’s hashrate but also in terms of activity of its....
As crypto use spreads to every nook and cranny of society, so does its misuse of the system to perform novel crimes and launder illicit funds. While Bitcoin and other cryptocurrencies are now being widely used in nefarious activities, the decentralized nature of blockchain technology presents law enforcement with a vital new tool to combat organized crime. […]