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Bittime - Crypto transfers using illegal addresses reached $22.2 billion in 2023, a decrease of 29.5% from 2022, according to the latest report from Chainalysis.
General Decline in Money Laundering Activities Through Crypto Assets
Money laundering via crypto assets generally decreased from the previous year, but illegal actors are starting to change their tactics, according to a report published Thursday 02-15-2024 by crypto analytics company Chainalysis.
Also read : What is the meaning of address in the crypto world?
Illegal addresses sent $22.2 billion worth of crypto in 2023, a decrease of 29.5% from 2022, the report said. While a general decline in overall transaction volumes may have contributed to the decline, the decline in money laundering activity is likely to be steeper, analysts said.
New Tactics of Illegal Actors
More illegal actors are sending stolen funds to blockchain bridges, the report finds. There was also a “substantial increase in funds sent from hostage-taking software to gambling platforms,” the report added.
Diversification of Money Laundering Activities
"Overall, it is possible that crypto criminals are diversifying their money laundering activities through nested services, or deposit addresses that are more hidden from law enforcement and exchange compliance teams," the analysts wrote. "Spreading activity across more addresses can also be a strategy to reduce the impact of being caught red-handed if one deposit address is frozen due to suspicious activity."
Also read How to Diversify & Allocation of Assets when Trading Crypto
New Sanctions on Mixer Crypto Services
It appears that the latest sanctions against crypto mixer services may be working, Chainalysis findings found a decrease in funds sent to mixers from illegal addresses last year, from $1.0 billion in 2022 to $504.3 million in 2023. However, problems arise with the emergence of new services to replace those that have been blacklisted, the analysts added.
Also Read What is Bitcoin Mixer and Why Are Trading Platforms Banning It?
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Chainalysis Latest Report
Chainalysis' latest report comes in the wake of the US Treasury Department's 2024 National Risk Assessment, which stated that although the use of crypto in illicit funding has increased, fiat remains the most popular choice for those looking to hide funds.
The House of Representatives Financial Services Committee on Wednesday also discussed how digital assets are being used to fund terrorists, with Under Secretary for Terrorism and Financial Intelligence Brian Nelson asserting that "traditional products and services" are still the "choice" for terrorists.
How to Buy Crypto from Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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