The report, released on Thursday, February 22
According to Chainalysis, a blockchain research platform, illicit funds laundered through cryptocurrency exchanges saw a notable decline of 29% in 2023.
The report, released on Thursday, February 22, indicated that these illegal transactions decreased by about $9.3 billion, dropping from $31.5 billion in 2022 to $22.2 billion in 2023.
Chainalysis observed that the decrease could be linked to a general decline in cryptocurrency transaction volume, encompassing both lawful and unlawful activities.
Additionally, the report highlighted centralized exchanges as the primary destination for funds originating from illicit sources, a trend that has remained relatively stable over the past five years.
Moreover, it noted a shift in the allocation of illicit funds, with an increasing proportion being directed towards DeFi protocols, which offer greater transparency compared to traditional illicit services.
The report further mentioned a slight reduction in the share of illicit funds routed to illicit service categories between 2022 and 2023, alongside a rise in funds directed towards gambling services and bridge protocols.
Chainalysis noted significant changes in how specific types of cryptocurrency criminals laundered money, particularly observing a substantial increase in the volume of funds sent to cross-chain bridges from addresses associated with stolen funds.
Additionally, there was a notable rise in funds transferred from ransomware to gambling platforms and from ransomware wallets to bridges.
According to Chainalysis, 109 exchange deposit addresses received over $10 million worth of illicit cryptocurrency each in 2023, collectively accumulating $3.4 billion.
This marked a significant increase from 2022 when only 40 addresses received over $10 million in illicit crypto, totaling just under $2.0 billion.
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