Cybercriminals Launder $8.6 Bln In Cryptocurrencies In 2021

Share post:

According to Chinalysis, $8.6 billion worth of cryptocurrencies were laundered by cybercriminals in 2021.

About 17% of the $8.6 billion laundered went to decentralized financial applications, a sector that facilitates crypto-denominated non-bank financial transactions, an increase of 2% from 2020.

According to Chainalysis, the $8.6 billion came from crypto activities such as darknet sales or ransomware payments.

To cover their tracks, wallets associated with these acts sent less than half of their stolen cryptocurrencies, worth a total of $750 million, to decentralized finance platforms.

In order to successfully launder money in cryptocurrencies, the attackers also used mining pools, high-risk exchanges and mixers. These platforms received a lot of cryptocurrencies obtained from illegal addresses.

In order to prevent the original sender of these illegal funds from being tracked down, mixers combine these illegal funds with others.

The new report shows that cybercriminals have laundered more than $33 billion worth of cryptocurrencies since 2017.

For more information, read the original story in Reuters.


Related articles

ChatGPT mobile mania: Why users are flocking to ChatGPT Plus

On the day OpenAI unveiled GPT-4o, ChatGPT's mobile app saw a staggering 22% spike in revenue, marking its...

Study reveals the “disappearing internet”

In a surprising revelation, new research by the Pew Research Center indicates that the internet may not be...

Scarlett Johansson – did OpenAI use HER voice?

Hollywood star Scarlett Johansson expressed shock and anger after a new OpenAI chatbot debuted with a voice eerily...

Google criticizes Microsoft’s security practices in new report

Google has publicly criticized Microsoft for a series of security missteps, suggesting that organizations might consider more secure...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways