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Bloomberg: Illegal flow of 100 billion dollar cryptocurrency'drowns' stablecoins and centralized exchanges

2024-07-11 21:46:13
In its latest research, Chainalysis has revealed that since 2019, suspicious digital wallets in the cryptocurrency market have distributed nearly $100 billion in illicit funds, which frequently involve popular stablecoins and centralized exchanges. Chainalysis also found that illicit funds originating from dark web markets, fraudulent activities, ransomware and malicious software are highly concentrated in five centralized exchanges (the specific names are not disclosed). In addition to traditional trading platforms, criminals also widely use decentralized financial services, gambling websites, cryptocurrency shufflers and blockchain cross-chain bridges for money laundering. However, it is worth noting that as regulations tighten and exchanges strengthen their scrutiny, the amount of suspicious funds flowing in has dropped significantly, from nearly $2 billion at its peak to about $780 million per month currently.