The crypto market noticed fast development in 2021. With a soar of roughly 200% within the whole market cap, digital currencies gained recognition amongst retail and institutional traders. However, scammers and fraudsters have additionally elevated their actions within the final 12 months.
A current report revealed by Chainalysis, one of many main blockchain knowledge platforms, reveals that unlawful crypto addresses acquired nearly $14 billion in 2021, in comparison with $7.8 billion in 2020. Illicit actions associated to crypto transactions reached an all-time excessive final 12 months.
However, there’s one other aspect to the story. Overall crypto transaction quantity jumped to $15.8 trillion in 2021, which is up by 567% in comparison with 2020. Due to an astonishing soar within the whole quantity, illegal cryptocurrency transactions now account for simply 0.15% of the amount.
“Across all cryptocurrencies tracked by Chainalysis, total transaction volume grew to $15.8 trillion in 2021, up 567% from 2020’s totals. Given that roaring adoption, it’s no surprise that more cybercriminals are using cryptocurrency. But, the fact that the increase was just 79%, nearly an order of magnitude lower than overall adoption, might be the biggest surprise of all. In fact, the growth of legitimate cryptocurrency usage [is] far outpacing the growth of criminal usage,” the report famous.
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DeFi
Moreover, with traders pouring billions of {dollars} into DeFi merchandise, crimes associated to Decentralized Finance have jumped to document ranges. According to Chainalysis, DeFi buying and selling volumes spiked by greater than 900% final 12 months.
“Cryptocurrency theft grew even more, with roughly $3.2 billion worth of cryptocurrency stolen in 2021, a 516% increase compared to 2020. Roughly $2.2 billion of those funds, 72% of the 2021 total, were stolen from DeFi protocols. The increase in DeFi-related thefts represents the acceleration of a trend we identified in last year’s Crypto Crime report,” Chainalysis added.
The crypto market noticed fast development in 2021. With a soar of roughly 200% within the whole market cap, digital currencies gained recognition amongst retail and institutional traders. However, scammers and fraudsters have additionally elevated their actions within the final 12 months.
A current report revealed by Chainalysis, one of many main blockchain knowledge platforms, reveals that unlawful crypto addresses acquired nearly $14 billion in 2021, in comparison with $7.8 billion in 2020. Illicit actions associated to crypto transactions reached an all-time excessive final 12 months.
However, there’s one other aspect to the story. Overall crypto transaction quantity jumped to $15.8 trillion in 2021, which is up by 567% in comparison with 2020. Due to an astonishing soar within the whole quantity, illegal cryptocurrency transactions now account for simply 0.15% of the amount.
“Across all cryptocurrencies tracked by Chainalysis, total transaction volume grew to $15.8 trillion in 2021, up 567% from 2020’s totals. Given that roaring adoption, it’s no surprise that more cybercriminals are using cryptocurrency. But, the fact that the increase was just 79%, nearly an order of magnitude lower than overall adoption, might be the biggest surprise of all. In fact, the growth of legitimate cryptocurrency usage [is] far outpacing the growth of criminal usage,” the report famous.
Related content material
DeFi
Moreover, with traders pouring billions of {dollars} into DeFi merchandise, crimes associated to Decentralized Finance have jumped to document ranges. According to Chainalysis, DeFi buying and selling volumes spiked by greater than 900% final 12 months.
“Cryptocurrency theft grew even more, with roughly $3.2 billion worth of cryptocurrency stolen in 2021, a 516% increase compared to 2020. Roughly $2.2 billion of those funds, 72% of the 2021 total, were stolen from DeFi protocols. The increase in DeFi-related thefts represents the acceleration of a trend we identified in last year’s Crypto Crime report,” Chainalysis added.
