LONDON: Cryptocurrency-based crime hit a record high in 2021 as overall legal payments also reached an all-time peak, data group Chainalysis revealed on Thursday .
Total cryptocurrency payments meanwhile rocketed 567 per cent to US$15.8 trillion year-on-year, Chainalysis said, as the sector won some strong support from traditional finance. "In fact, with the growth of legitimate cryptocurrency usage far outpacing the growth of criminal usage, illicit activity's share of cryptocurrency transaction volume has never been lower."Despite the lower percentage,"criminal abuse of cryptocurrency creates huge impediments for continued adoption, heightens the likelihood of restrictions being imposed by governments, and worst of all victimises innocent people around the world", the report stressed.
At the same time, illicit addresses currently hold at least US$10 billion worth of cryptocurrency, according to Chainalysis.
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