News Article Translation:
Blockchain analysis company Chainalysis estimated in its annual Cryptocurrency Crime Trends Report that by 2023, the value of cryptocurrencies received by illegal cryptocurrency addresses will exceed $24 billion, accounting for 0.34% of the total cryptocurrency transaction volume.
Source:
Chainalysis
The amount of cryptocurrencies associated with illegal activities is about 40% less than in 2022, but this is only temporary. Over time, more addresses will be identified as illegal, and the total amount could reach $24.2 billion. Currently, the amount of cryptocurrency crime in 2022 is $39.6 billion, but in Chainalysis’ report released last year, only $20.6 billion was confirmed.
One notable aspect of this study is the prevalence of sanctioned-related transactions. In 2023, the total volume of transactions related to sanctioned entities and jurisdictions amounts to $14.9 billion, accounting for 61.5% of the total illegal transactions. Most of these transactions are driven by cryptocurrency services sanctioned by the United States Office of Foreign Assets Control (OFAC) or services located in sanctioned jurisdictions.
Among the $14.9 billion, there are also transactions from regular cryptocurrency users residing in sanctioned areas. After all, not all users of the Russian cryptocurrency exchange Garantex, which is sanctioned by US and UK authorities, are involved in money laundering and ransomware activities.
Stablecoins’ share in illegal transactions has increased.
Like the previous year, stablecoins account for the majority of illegal transaction volume in 2023. Prior to 2022, Bitcoin was the preferred cryptocurrency for criminals. However, this changed in 2022, with stablecoins accounting for about two-thirds of the total illegal transaction volume.
Source:
Chainalysis
On the other hand, Chainalysis’ research shows a significant decrease in the amount of illegal funds associated with cryptocurrency scams and hacker attacks last year, with a decrease of 29.2% and 54.3% respectively. However, the amount related to ransomware and darknet activities has increased.
Data source.
