Cryptocurrency Scandal: $20.1B In Illicit Transactions Exposed

 

Illicit use of cryptocurrencies reached a record high of $20.1 billion in 2022, according to blockchain analytics firm Chainalysis.

What Happened: Transactions involving companies targeted by U.S. sanctions skyrocketed during this time, as the value of crypto transactions related to illicit activity rose for the second year in a row.

“We have to stress that this is a lower bound estimate — our measure of illicit transaction volume is sure to grow over time as we identify new addresses associated with illicit activity,” the report stated.

Notably, 44% of the illegal transaction activity in 2022 was connected to entities that are under sanctions.

The Office of Foreign Assets Control (OFAC) implemented some of …

Full story available on Benzinga.com

  Illicit use of cryptocurrencies reached a record high of $20.1 billion in 2022, according to blockchain analytics firm Chainalysis.
What Happened: Transactions involving companies targeted by U.S. sanctions skyrocketed during this time, as the value of crypto transactions related to illicit activity rose for the second year in a row.
“We have to stress that this is a lower bound estimate — our measure of illicit transaction volume is sure to grow over time as we identify new addresses associated with illicit activity,” the report stated.
Notably, 44% of the illegal transaction activity in 2022 was connected to entities that are under sanctions.
The Office of Foreign Assets Control (OFAC) implemented some of …Full story available on Benzinga.com Blockchain 

Illicit use of cryptocurrencies reached a record high of $20.1 billion in 2022, according to blockchain analytics firm Chainalysis.

What Happened: Transactions involving companies targeted by U.S. sanctions skyrocketed during this time, as the value of crypto transactions related to illicit activity rose for the second year in a row.

“We have to stress that this is a lower bound estimate — our measure of illicit transaction volume is sure to grow over time as we identify new addresses associated with illicit activity,” the report stated.

Notably, 44% of the illegal transaction activity in 2022 was connected to entities that are under sanctions.

The Office of Foreign Assets Control (OFAC) implemented some of

Full story available on https://blockchainwebbag.com/

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