Report: The illegal use of cryptocurrencies will exceed 135 billion yuan in 2022

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Fenghuang.com Technology News Beijing time on January 13th, data from the blockchain analysis company Chainalysis on Thursday showed that the illegal use of cryptocurrencies in 2022 will reach a record high of 20.1 billion US dollars (about 135.4 billion yuan).

Chainalysis said its $20.1 billion estimate only includes activity recorded on the blockchain and does not include “off-chain” crimes such as fraudulent accounting by crypto companies. Furthermore, this figure does not include the fact that cryptocurrencies are the proceeds of non-crypto-related crimes, such as their use as a means of payment for drug trafficking. It is reported that Chainalysis said that although the overall cryptocurrency transaction volume fell, the value of cryptocurrency transactions related to illegal activities rose for the second consecutive year.

The U.S. also imposed sanctions last year on cryptocurrency mixing services Blender and Tornado Cash, which were allegedly used by hackers to launder billions of dollars worth of their cybercrime proceeds, Reuters reported.

The number of stolen crypto funds is understood to have grown by 7% last year, but other illicit crypto transactions, including those related to scams, ransomware, terrorism financing and human trafficking, have declined.

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