Data Shows Under 1% of Bitcoin and Crypto Transactions Have Criminal Intent
The new US Treasury Secretary Janet Yellen’s recent negative comments about Bitcoin and crypto have revolved around alleged “illicit use.” However, data from a top blockchain analysis firm claims that under 1% of all cryptocurrency transactions are related to criminal activity. Here’s why the former Federal Reserve Chair’s assumptions about the digital asset class are way off base. Under 1% of Crypto Transactions Are Tied To Illicit Use Bitcoin is an asset and currency unlike anything […]
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Despite the “bitcoin is for criminals” narrative, the proportion of criminal cryptocurrency transactions was less than 1 percent in 2020. The post Stop The Bitcoin FUD: Criminal Cryptocurrency Transactions Are Falling appeared first on Bitcoin Magazine.
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 research published by Chainalysis, criminal entities hold more than $25 billion in cryptocurrencies. The blockchain intelligence firm’s study shows that there was a significant increase in crypto balances held by criminals in 2021 as the metric jumped by 266% since the year before.
Chainalysis Studies Crypto Whales Holding Balances Tied to Illicit Addresses
The blockchain surveillance company Chainalysis published a study that indicates $25 billion in digital assets is currently held by criminals. Despite the significant law enforcement seizures last year,....
Gartner, an advisory firm, has predicted that criminal cryptocurrency transactions or transfers will fall by 30% by 2024. The firm says factors such as the transparency of the blockchain, as well as the democratization of fraud prevention tools, will contribute to this decline in such transactions. Blockchain Transparency Despite the surge in the value of crypto-related crimes recorded in the past year, Gartner, a business advisory firm, predicts that “successful cryptocurrency thefts and ransomware payments will drop by 30%” in two years’ time. According to Gartner,....
The use of crypto in criminal activity has reportedly significantly increased since the AFP made its first crypto seizure in early 2018. Law enforcement in Australia is working to boost cryptocurrency expertise and trace crypto transactions by setting up a dedicated police group.The Australian Federal Police (AFP) has established a new cryptocurrency unit to focus on monitoring crypto-related transactions, The Australian Financial Review reported on Monday.Stefan Jerga, the national manager of the AFP’s criminal asset confiscation command, said that the use of crypto in criminal activity....