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Cryptocurrency Worth $8.6b Laundered In 2021- Reports

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Cybercriminals laundered $8.6 billion worth of cryptocurrency in 2021. This is according to a report released on Wednesday by a blockchain data company Chainalysis. Chainalysis tracks cryptocurrency wallets controlled by criminals such as ransomware attackers, malware operators, and scammers. READ ALSO: Oil Price Tops $90 Per Barrel For First Time Since 2014 The report explains … Continue reading Cryptocurrency Worth $8.6b Laundered In 2021- Reports

In this file photo taken on February 06, 2018, A picture taken on February 6, 2018, shows a visual representation of the digital cryptocurrency Bitcoin, at the “Bitcoin Change” shop in the Israeli city of Tel Aviv. – This is according to a report released on Wednesday by a blockchain data company Chainalysis.

It added that such an increase is unsurprising given the significant growth of both legitimate and illicit cryptocurrency activity in 2021. The report also noted that North Korea-affiliated hackers, in particular, were responsible for $400 million worth of cryptocurrency hacks last year alone.Similarly, a report by Europol, also published on Wednesday, highlighted pseudo-anonymity and decentralisation as major factors providing a favourable environment for criminals.

Europol asserts that virtually all kinds of criminal profits are laundered using cryptocurrencies. with some of the activities ranging from the laundering of proceeds already in digital form, such as the payment of ransoms or criminal infrastructures, to a transformation of huge amounts of cash into virtual assets.

 

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