Illicit cryptocurrency activity hit an all-time high of $20.3 billion in 2022, according to initial estimates from blockchain analysis firm Chainalysis.
However, while transactions tied to sanctioned entities skyrocketed between 2021 and 2022, transaction volumes fell across nearly all other categories of illicit activity that Chainalysis measures, including ransomware and darknet marketplaces.Cybercriminals often lean on pseudo-anonymous cryptocurrencies because of their reputation for being harder to trace and their relative freedom from reporting regulations compared to fiat currencies.This year's $20.3 billion record accounts for only 0.
For 2021, Chainalysis originally found $14 billion worth of crypto tied to illicit activities — $4 billion less than the revised figure.
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