Chainalysis Report Confirms Criminal Transactions Represent 1.1% of all Crypto Activity
No one will be surprised to learn that criminals still favor Bitcoin. A new report by Chainalysis shows 2019 was a good year for the culprits, but a bad one for the rest of the world.
Over the years, there have been many rumors regarding Bitcoin and online crime.
A Different Look at Crypto in Crime
In the report, Chainalysis notes severe growth compared to 2018.
A bit unusual,a s 2018 saw a decline in illicit cryptocurrency transactions compared to the year prior.
Last year, the figures spiked to well above $11 billion.
This figure may be a lot lower than most had assumed, however.
With this rise in illicit crypto transactions, a very problematic situation ensues.
That said, it is crucial to put everything into perspective.
These illicit streams represent 1.1% of all yearly global cryptocurrency activity.
That doesn’t mean the problem should be ignored, but it needs to be put in the right perspective at all times.
Surprisingly, the majority of crimes involving primarily pertain to terrorism financing and darknet markets.
Combined with stolen funds, they make up for the vast majority of money streams.
Scams, sanction evasion, ransomware, and child abuse material aren’t even visible on these charts at this time.
The report contains a lot of other useful information that is certainly worth checking out.
Image(s): Shutterstock.com
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JP Buntinx, Khareem Sudlow