News - $7 billion laundered in cryptocurrencies

By Mike Hesp

$7 billion laundered in cryptocurrencies

Scams, crime and fraud

The crypto sector remains a playground for money launderers. A new report now estimates the value at $7 billion.

According to the blockchain analysis company Elliptic, seven billion dollars has now been laundered in cryptocurrencies through so-called "cross-chain services."

Cross-chain means exchanging tokens "to disguise their criminal origin." According to Elliptic, it is a "preferred money laundering method for a range of cyber crimes."

Between July 2022 and July 2023 alone, $2.7 billion was laundered, according to the report.

The rapport attributes the increase to several reasons. "First, cryptocurrencies other than Bitcoin are becoming increasingly popular with criminals," such as Privacy Coins or Stablecoins.

In addition, a "crime shift effect" can be observed, "with fraudsters and criminals turning to cross-chain crime as an alternative."

Last but not least, the lack of KYC procedures would encourage this development.

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