Crypto mixers’ popularity booms as illicit addresses push volumes to ATH: Report
Blockchain analytics firm Chainalysis highlighted that 10% of all funds coming from illicit addresses are sent to crypto mixers. As on-chain activities slow down during the crypto winter, usage of cryptocurrency mixers has doubled in 2022, with addresses classified as “illicit” being the top contributor. Cryptocurrency mixers, also called “tumblers,” provide anonymity to transactions, making the sender or receiver of the transaction completely unidentified. While this has a valid use case for everyday users, hackers have used it to hide from authorities. In a report by analytics firm....
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Of all funds sent to illicit cryptocurrency addresses from Eastern Europe, scams attract the greatest amount, according to a new report. In the past year alone, crypto addresses based in the region have sent the fraudulent schemes a staggering $815 million in crypto.
Eastern Europe Leads by Volume of Illicit Crypto Transactions
Among the world’s regions with a total crypto transaction volume of at least $400 million, Eastern Europe is the only one where illicit activity exceeds 0.5% of the total value sent and received, Chainalysis notes in a preview of its 2021....
The report defines criminal whales as private wallets that hold more than $1 million worth of crypto with more than 10% of their balances coming from illicit addresses. Chainalysis data shows that 4068 criminal whales (roughly 4% of all whales) are hodling more than $25 billion worth of cryptocurrency between them. The blockchain analytics firm defines criminal whales as any private wallet that holds more than $1 million worth of crypto with over 10% of the funds received from illicit addresses tied to activity such as scams, fraud and malware. The data is from the “Criminal Balances”....
According to the latest data from Chainalysis, the total cryptocurrency value received by illicit addresses grew to a new all-time high of $14 billion in 2021. Although the new all-time high is almost twice the $7.8 billion that was recorded in 2020, it represents just 0.15% of the 2021 cryptocurrency transaction volume.
Percentage of Funds Sent to Illicit Addresses Falling
The value of cryptocurrency-related crimes recorded in 2021 surged to a new all-time high of $14 billion, a figure that is almost double the $7.8 billion which was received by so-called illicit addresses in....
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....
Chainalysis has found that illicit crypto volumes are down this year, with total scam revenue sitting at $1.6 billion, 65% lower than where it was through the end of July last year. “Those numbers suggest that fewer people than ever are falling for cryptocurrency scams,” the blockchain data analytics firm wrote.
Data Shows Illicit Crypto Volumes Are Down
Blockchain data analytics firm Chainalysis published its mid-year crypto crime update titled “Illicit Activity Falls With Rest of Market, With Some Notable Exceptions” on Tuesday.
The firm....