Illegal cryptocurrency transfers reached a record level

According to the annual Chainalysis report, the total value of illegal cryptocurrency transactions reached a record $ 20.1 billion in 2022. However, the figure is not final and may increase if experts identify new addresses related to criminal activity.

According to analysts, in 2021, the figure of criminal crypto transfers amounted to $ 18 billion, which means that the increase in income from cryptocurrency crimes exceeded 10% over the year. Compared to 2020, the increase was 60% (when the volume of transactions amounted to only $ 8 billion). Analysts explained this increase in illegal transfers by the fact that 44% of illegal transactions in 2022 were made by sanctioned organizations, as the US Office of Foreign Assets Control (OFAC) imposed many sanctions on crypto market participants.

Chanalisys experts cited the Russian crypto exchange Garantex as an example, which was included in the OFAC sanctions register last year. Most of the sanctions-related transactions were conducted through it. In addition to the crypto exchange, the list of sanctioned platforms includes the Russian darknet market Hydra and the cryptocurrency mixer Tornado Cash, developed by a Russian. All of them also affected the overall statistics.

As for Tornado Cash, it is considered one of the most popular services among hackers for money laundering. Back in August, the U.S. Treasury Department imposed sanctions on Tornado Cash, linking it to North Korean hackers Lazarus Group and illegal transactions worth more than $ 1 billion. The developer of the mixer was arrested in Amsterdam on August 10 and has been held in custody since then, but Alexey Pertsev has not yet been officially charged with any illegal actions.