Report Shows $9 Billion Decrease In Cryptocurrency Money Laundering Activities

Report Shows $9 Billion Decrease In Cryptocurrency Money Laundering Activities

In 2023, the amount of money laundered through cryptocurrency exchanges witnessed a notable decline, registering a 29% decrease, as per data from blockchain research platform Chainalysis. The report, disclosed on February 22, unveiled a reduction of approximately $9.3 billion, dropping from $31.5 billion in 2022 to $22.2 billion in 2023……….CONTINUE READING

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Chainalysis attributed this decrease to an overall decline in both legitimate and illicit crypto transaction volumes. The report emphasized that centralized exchanges had consistently been the primary destination for funds originating from illicit addresses over the past five years.

The study highlighted a shift in the dynamics, noting that the role of illicit services had diminished while the proportion of illicit funds directed towards Decentralized Finance (DeFi) protocols had increased. This shift was primarily attributed to the overall expansion of DeFi during the period. However, the report also emphasized that the inherent transparency of DeFi made it less favorable for concealing fund movements.

Notably, there was a slight decrease in the share of illicit funds directed towards illicit service types between 2022 and 2023, accompanied by an increase in funds moving towards gambling services and bridge protocols. The report delved into specific trends, citing a significant rise in the volume of funds sent to cross-chain bridges from addresses associated with stolen funds. Additionally, there was an observed increase in funds from ransomware directed towards gambling platforms and bridges.

Chainalysis highlighted that 109 exchange deposit addresses received over $10 million worth of illicit cryptocurrency each, collectively amassing $3.4 billion in illicit cryptocurrency during 2023. While this still represents a notable concentration, the report emphasized that in 2022, only 40 addresses received over $10 million in illicit crypto, totaling just under $2.0 billion.

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