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$20 billion in illegal crypto activity in 2022

2022, another good year for crooks – The files of On-chain analysis are eagerly awaited by professionals and observers of the crypto. DeFi, NFT, trading platforms, their services referenced in all areas of the sector and regularly offer industry-relevant reports. Today we will consider ourselves on the illegal activities in the cryptocurrency and try to understand the figures given by this great data specialist. Head to the company’s offices on the very prestigious 5th Avenue to take stock of the modern-day stalkers.

Preamble to the figures and calculation methods of Chainalysis

Before giving raw numbers, On-chain analysis holds a few discounts data in their context. Because in the little game of numbers, we can make the same graphs say a lot of things. First precision, the figures which are given for 2022 are subject to change. Indeed, as new scams are discoveries Fr 2023they can modify the data of 2022.

Then, it must be kept in mind that only the illicit activities say crypto natives are calculated. If you buy the drug with your BTC, technically it doesn’t count. Last but not least, what to do with the activities of the platforms under the charge of fraud. In effect, FTX or Terra (LUNA) are still in process. In order to simplify and avoid any legal pitfalls, the teams of On-chain analysis did not include these data in the calculation of illicit activities. This all the more so as the whiten of these gains is sometimes in chain sometimes not.

Percentage of illicit activity against total cryptocurrency volume from 2017 to 2022 – Source: Chainalysis

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OFAC sanctions make a big splash in 2022

The first one observation visible about the table above is an increase in the share of illicit activities. After two years of decline, the percentage is rising again, going from 0.12% Fr 2021 a 0.24% in 2022. This represents 20.1 billion dollars distributed among various sectors of illegal activity. By sector, we mean the different areas using crypto such as AVERAGE we finality to commit acts reprehensible. Human trafficking, ransom demand, protocol hackscam, black market, terrorism and even addresses subject to sanctions are all different sectors.

Share of the various illegal activities in the total annual volume – source: Chainalysis

Indeed, this year, the American services which manage OFAC foreign assets control office – have decided to sufficiently extend this list blacklist of addresses suspected of having illicit activities. It can be terrorists, but also opponents or enemies of the administration american and its allies. Iranians or North Koreans have been concerned for a long time. But this yearThose are the Russians which mainly fueled the new entries on the list. And any address added product de facto the amount of illegal activity.

Crypto theft is a safe bet when it comes to illegal activity

Year-over-year increase or decrease based on prohibited activity sector in percentage – source: Chainalysis

Finally, the only sectors which has really increased, in addition to that due to sanctions not listed on the graph, is the volume. The flight Easy of crypto by trickery or protocol hack which increases by 7% from one year to the next. At the house of On-chain analysisthis decline in other sectors is mainly explained by the overall decline in market volumes. The less volume, the harder it is for the riffraff to find victims.

In conclusion, it can be noted that over the last few years, the volumes related to these illegal activities continues to diminish. We’re still another year less than 1%. But another remark relevant determined our attention in this file. The teams of On-chain analysis indeed note that the cryptocurrency is the only sector where such data is technically possible and politically acceptable. We would really like to know this same volume in finance traditional ! But while waiting for that day, be careful anyway to your crypto and your NFTs, because a misfortune quickly happened.

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