Transferring funds into Decentralized Finance applications was the most preferred method by bad actors to launder their money, Chainalysis stated.
The blockchain-based data platform – Chainalysis – estimated that the total cryptocurrency value laundered in 2021 was $8.6 billion – 30% more than 2020. According to the company, though, such an increase is somewhat expected given the considerable growth of the asset class in the past year.
Chainalysis explained that these numbers account only for funds derived from “cryptocurrency-native crime,” including darknet market sales or ransomware attacks.“It’s more difficult to measure how much fiat currency derived from off-line crime – traditional drug trafficking, for example – is converted into cryptocurrency to be laundered. However, we know anecdotally this is happening,” the company concluded.Theft and scams remained the main type of cryptocurrency crimes in the past year.
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