Cryptocurrency Crime: $100 Billion Laundered Since 2019, Report Says

Cryptocurrency Crime: $100 Billion Laundered Since 2019, Report Says

According to a recent report by blockchain data analytics firm Chainalysis, as reported by Bloomberg, nearly $100 billion worth of cryptocurrency has been laundered by criminal organizations since 2019. This staggering figure highlights the growing problem of cryptocurrency-related crime, as criminals seek to exploit the anonymity and global reach of digital assets for illicit activities. The report found that criminals are increasingly adopting stablecoins, such as Tether and USD Coin, to facilitate their illicit transactions. Stablecoins are cryptocurrencies pegged to the value of a fiat currency, such as the US dollar, and offer a level of stability not found in more volatile cryptocurrencies like Bitcoin. This makes them an attractive option for criminals looking to launder their ill-gotten gains. Despite the efforts of law enforcement and regulatory agencies, criminals are continually developing sophisticated techniques to exploit cryptocurrencies for their nefarious purposes. However, the report also noted a decline in the amount of cryptocurrency being sent from illicit wallets to centralized exchanges. This suggests that exchanges are improving their anti-money laundering and counter-financing of terrorism systems, making it more difficult for criminals to cash out their cryptocurrency proceeds.