Based on the findings of Chainalysis’ recent report on money laundering patterns, there has been a significant decrease in the value of cryptocurrency transferred by illicit addresses in 2023. The report reveals that this value has dropped by almost $10 billion, from $31.5 billion to the latest figure of $22 billion. This decline can be attributed to the overall decrease in both legitimate and illicit crypto transaction volumes in 2023. In order to provide a more comprehensive understanding of this trend, let us delve deeper into the services that are commonly used for money laundering in the crypto world.
According to the report, the most commonly used services for illicit crypto transactions are mixers, gambling sites, and darknet markets. Mixers, also known as tumblers, are online platforms that allow users to mix their cryptocurrency with others in order to obscure its origin and make it harder to trace. Gambling sites, on the other hand, provide a seemingly legitimate way for criminals to launder their funds by placing bets and then cashing out in clean cryptocurrency. Lastly, darknet markets are online marketplaces that operate on the dark web and facilitate the buying and selling of illegal goods and services using cryptocurrency.
Despite the decrease in the value of illicit crypto transactions, the report also highlights that these services are still being used by criminals. However, there has been a shift in the preferred methods of money laundering. For instance, the use of mixers has decreased significantly, while the use of gambling sites and darknet markets has remained relatively stable. This could be due to the increased scrutiny and crackdown on mixers by law enforcement agencies.
In terms of a bullish or bearish outlook, the decrease in the value of illicit crypto transactions could be seen as a positive development for the crypto industry. It shows that efforts to combat money laundering and illicit activities in the crypto world are having an impact. This could potentially lead to increased trust and adoption of cryptocurrency by mainstream institutions and investors. However, it is important to note that criminals are constantly adapting and finding new ways to launder their funds, so it is crucial for regulators and law enforcement to continue monitoring and addressing these issues.
Source:
– Bitcoin.com. Read More