The highest number of crimes related to cryptocurrencies occurred in 2021, with $14 billion (about Rs 103,768 crore) received through illegal addresses in a year. This figure is much higher than $7.8 billion (about Rs 57,813 crore) in 2020.
The report says that “the total transaction volume across all cryptocurrencies tracked by Chainalysis increased to $15.8 trillion (approximately Rs 11,71,09,600 crore) in 2021, a 567 percent increase from the total transactions in 2020. It is no surprise that cybercriminals are now using cryptocurrencies. But also the fact that it is being adopted in a higher percentage than the increase.”
The volume of transactions with illegal addresses accounted for just 0.15 percent of the total cryptocurrency transaction volume in 2021. Because crypto transactions are decentralized and not traceable, many government departments around the world have raised concerns about the illegal use of crypto assets. From money laundering to terror financing, the potential abuse of the crypto sector has stood in the way of its legitimacy.
The report further noted that law enforcement agencies have stepped up efforts to prevent the exploitation of cryptocurrencies by criminals.
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