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Chailusis: cybercriminals laundered $8.6 billion in cryptocurrencies in 2021

Chailusis: cybercriminals laundered $8.6 billion in cryptocurrencies in 2021

Last year, cybercriminals laundered $8.6 billion in cryptocurrencies, a 30% increase over 2020, according to data from analytics company Chailplusis;

Data: Сhainalystis.

The company's estimates are based on cryptocurrency funds generated by cybercrime activity like darknet trading or ransomware attacks.

"It's harder to measure how much fiat currency derived from offline crimes - such as drug trafficking - is converted into cryptocurrency for laundering," Schainalicious noted.

According to analysts, since 2017, cybercriminals have laundered more than $33 billion in cryptocurrency, most of the funds have been gradually transferred to centralized exchanges;

At the same time, the United Nations Office on Drugs and Crime estimates that between $800 billion and $2 trillion is laundered in fiat each year - about 5 percent of global GDP. 

By comparison, money laundering accounted for just 0.05% of total cryptocurrency transactions in 2021, analysts emphasize;

Channels also noted that the transparency of blockchain makes it much easier to track the movement of funds by criminals in cryptoassets than it is possible with fiat money.

In 2021, there was an increase in money laundering through DeFi-protocols. They accounted for 17% of all funds sent from criminals' wallets. In 2020, the figure was only 2%.

Data: Channels.

DeFi-protocols are mainly used by hackers to launder funds, while fraudsters send most of the stolen money to centralized exchanges, experts said.

Recall, according to the calculations of Сhainalicious, in 2021 the criminals targeting the cryptocurrency industry stole $14 billion. 

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