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.

Featured Tech Jobs

SUBSCRIBE NOW

Related articles

Polygon launches database to show crypto value

Polygon, an Ethereum Layer 2 scaling solution, has developed a database known as The Value Prop to show...

Nvidia’s CTO says cryptocurrency is “useless” for society

Nvidia has declared that cryptocurrencies offer "nothing useful for society", despite its powerful processors selling in vast quantities...

Crypto winter presents difficulties for Bitcoin ATM operators

The cryptocurrency market has been experiencing a significant downturn, also known as "crypto winter," and operators of bitcoin...

New FTX CEO plans to revive bankrupt FTX

The bankrupt cryptocurrency exchange FTX is considering resuming operations, according to Chief Executive Officer John Ray. Mr. Ray stated...

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