Crime Involving Cryptocurrency Reached an All-Time High of $14 Billion Last Year

On January 6, blockchain researcher Chainalysis revealed that crypto crime hit a record $14 billion in 2021.

Crypto received via digital wallet addresses related to illegal behaviour including scams, darknet markets, and ransomware increased by 80% year over year, according to Chainalysis.

In 2021, large investors and significant corporations embraced digital assets, causing their popularity to skyrocket.

Newcomers have been pulled in by the promise of fast returns claimed by crypto supporters, as well as the belief that bitcoin may be used to protect against rising inflation. Despite this, cryptocurrencies are still subject to inconsistent regulation, leaving investors vulnerable to fraud.

“Criminal abuse of cryptocurrency creates huge impediments for continued adoption, heightens the likelihood of restrictions being imposed by governments, and worst of all victimizes innocent people around the world,” Chainalysis said.

Overall, cryptocurrency theft increased by more than fivefold from 2020 to last year, with roughly $3.2 billion worth of coins taken. DeFi sites were responsible for $2.2 billion of the monies, or 72% of the total.

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