New Delhi With the sharp increase in the adoption of cryptocurrencies across the world, crimes related to digital assets touched new highs. According to Chainalysis, a blockchain-based research firm, the amount of cryptocurrency deposits at illicit wallet addresses nearly doubled between 2020 and 2021 from $7.8 billion to $14 billion.
However, the report noted that crypto crimes increased by 79% during the year, with total transaction volume increasing by 550%, touching $15.8 trillion. “As of December, transactions involving illicit addresses represent just 0.16% of cryptocurrency transaction volume in 2021, although the raw value of illicit transaction volume has reached its all-time high,” it said. Crypto crimes include hacking of exchanges, decentralized finance protocols and scams.
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