2021, Year of Record High Illegal Cryptocurrencies Transactions

2021, Year of Record High Illegal Cryptocurrencies Transactions

Chainalysis, a blockchain data analytic platform, recently reported on the illicit crypto transactions of last year. Some $14 billion worth of crypto-coins has been received by off-the-grid crypto wallets in 2021, a new record. In 2020, that number was $7.8 billion.

Not all news is bad, however. $15.8 trillion in total cryptocurrency transactional value was experienced in 2021, which is an astonishing spike of 567% from 2020. Considering this, illegal crypto operations account only for 0.15% of the total volume.

The agency outlined that despite the indisputable evidence that cybercriminals are more active than ever with cryptocurrencies, legitimate crypto operations are outpacing illicit crypto usage by an order of magnitude that “might be the biggest surprise of all.

Chainalysis, however, revealed stark details into the practice of crypto theft. According to the analyzer, crypto theft in 2021 grew by 516 percent when compared to 2020. The website estimates that some $3.2 billion of crypto assets has been stolen only last year.

2021 was marked by an unprecedented rise in crypto popularity and overall growth. The year saw a 200% spike in the digital coin market cap, which translates into a growing institutional and retail adoption of digital coins. Yet, authorities have to stay vigilant for scammers and fraudsters are also here to stay even if statistically their activities are dwarfed by legit usage.

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