2022 was a year where the cryptocurrency ecosystem gave us something to talk about, either due to the collapse in its value or the fall of big players; however, it was also a landmark year for illicit activity using these tools, according to the blockchain analytics firm Chainalysis.
When advancing part of its 2023 Cryptocrime Report, the firm indicated that during 2022 illicit operations with cryptocurrencies were the equivalent of 20.1 billion dollars, an increase of 17% compared to what was registered in 2021 and a record in the records. that the firm has, dating from 2017.
“It is worth bearing in mind that 44% of illicit transaction volume in 2022 came from activities associated with sanctioned entities, in a year that saw OFAC (Office of Foreign Assets Control) launch some of its most ambitious crypto sanctions and difficult to apply so far,” Chainalysis explained in the preview.
According to the firm, this estimate, which could grow as new addresses associated with illegal activities are detected, this registry does not include the figures derived from player crashes such as CelsiusThree Arrows Capital and FTX, since it is only based on the intelligence registered in the chain of blocks (blockchain), not in the cases where, for example, an accounting could be carried out outside it.
For the firm, although this amount detected in illegal activity during 2022 for the cryptocurrency ecosystem barely represented 0.24% of the total volume transacted with these tools.
“Overall, illicit cryptocurrency activity remains a small part of the total volume of less than 1 percent. It is also worth keeping in mind that despite this year’s jump, crime as part of all crypto activity continues to have a downward trend,” Chainalysis said.
Among the most important crimes detected in the illegal activity, operations in entities sanctioned by OFAC, states, theft of funds, transactions in black markets on the web, among others, stand out.
sanctioned entities
According to Chainalysis, during 2022 there was a significant increase in illegal operations with cryptocurrencies in entities that were sanctioned by OFAC, for not complying with the minimum standards to prevent this type of transaction.
For example, Chainalysis mentions the case of Garantex, which was sanctioned in April 2022, but since the company is based in Russia, it was able to continue operations.
“Transactions associated with Garantex or any other sanctioned crypto service pose, at a minimum, substantial compliance risk for companies that are subject to United States jurisdiction, including fines and potential criminal charges.
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