A recent crypto crime report by blockchain analytics firm Chainalysis has revealed that the vast majority of cryptocurrency transactions, approximately 99.6%, are used for legal purposes. The study sheds light on the evolving landscape of cryptocurrency usage and challenges prevailing narratives surrounding illicit activities in the crypto space.
According to the report, the total value of cryptocurrency sent to illicit addresses witnessed a significant decrease from $39.6 billion in 2022 to $24.2 billion in 2023. The 2022 figure was partly inflated by $8.7 billion in FTX creditor claims following the collapse of the Sam Bankman-Fried-led startup.
Crypto Is Legit, Chainalysis Says
The findings presented by Chainalysis indicate that illicit cryptocurrency transactions accounted for just 0.34% of all cryptocurrency volume in 2023, down from 0.42% in 2022 and a substantial decline from 1.3% in 2019.
These figures challenge public statements made by influential business leaders, such as JPMorgan Chase & Co. CEO Jamie Dimon, who have expressed concerns about cryptocurrency’s role in illegal activities like tax avoidance, money laundering, and terrorism financing.
Crypto fans, including as Edward Snowden, laughed Dimon off for what they saw as an overly dramatic stance.
Wild how the @SECGov approving a #Bitcoin ETF was all it took to transform the CEO of @JPMorgan from the King of Money into that guy who spends one half of every interview insisting “I don’t care about Bitcoin,” and the other half sobbing that it stole his wife and shot his dog.
— Edward Snowden (@Snowden) January 17, 2024
However, it is important to note that the Chainalysis figures do not encompass funds derived from no
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Author: Christian Encila
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