Criminal transactions involving digital currencies in 2022 supposedly totaled $20.1 billion, a $2 billion increase compared to 2021.
Illegal financial transactions involving cryptocurrencies in 2022 have reportedly surged for a second consecutive year, tapping an all-time high of $20.1 billion.
The blockchain data platform noted that last year’s events made the forming of the latest report a bit “tricky.” It also explained that the figure includes only cryptocurrency-related crimes and not other offenses, such as employing digital currencies in drug trafficking or prostitution. Chainalysis outlined that transactions associated with sanctioned organizations soared over 100,000-fold in 2022, compared to 2021, and made up 44% of last year’s total criminal activity.The Russia-based cryptocurrency exchange – Garantex – is one such example. The Office of Foreign Control sanctioned it in April , but the platform continued operating.
“The market downturn may be one reason for this. We’ve found in the past that crypto scams, for instance, take in less revenue during bear markets, likely because users are more pessimistic and less likely to believe a scam’s promises of high returns at times when asset prices are declining.
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