Criminal Whales Hold More Than $25 Billion Worth of Crypto (Chainalysis Report)

Chainalysis, a blockchain data company, claimed that criminal whales account for 3.7% of all cryptocurrency whales. These bad actors have over $25 billion in digital assets.

Crypto Whales are Criminals in Almost 4%

Many experts agree that cryptocurrencies are a financial revolution. They have many advantages. But bitcoin and other altcoins also have their critics. These critics claim that bitcoin and the altcoins are used by drug traffickers, terrorists, money-launderers, and others for illicit activities.

Chainalysis, a New York-based cryptocurrency analysis company, has identified 4,068 criminal crypto whales (3.7%) who have more than $25 billion in digital assets. According to the firm, every entity has more than $1 million worth of crypto.

It is important to note that the majority of whales got either a small or large amount from illegal addresses. 1,374 received between 10% and 25% from illegal wallets, while 1,361 got between 90% and 100%.

Criminal whales received illicit funds from a variety of sources. Scams (32.4%) ranked second, with the Darknet (37.7%) ranking first. Ransomware, fraud shop and stolen funds rounded out the top five.

Chainalysis chart Source: Chainalysis

Chainalysis also analyzed the locations of those criminals. It assigned UTC zone numbers to 768 whales whose wallets had enough activity to allow for a strong estimate. The most criminals are found in the areas 2, 3 and 4. This area also includes Russia’s largest cities, Moscow and Saint Petersburg. These time zones also include Iran, Saudi Arabia, South Africa, and Saudi Arabia.

Chainalysis concluded that “investigating criminal whales is a significant opportunity to continue their string success seizures and bring to justice those who are most affected by cryptocurrency-based crime.”

In 2021, Crypto was stolen by criminals worth billions of dollars

The blockchain analytics company revealed that the total cryptocurrency value in 2021 was $8.6 Billion – 30% more than 2020.

Bad actors have transferred almost 17% of these assets to Decentralized Financing applications, an increase from 2% the previous year.

Chainalysis explained that these numbers account only for funds derived from “cryptocurrency-native crime,” including Darknet market sales or ransomware attacks:

It’s difficult to quantify how much fiat currency is converted from off-line crime, such as traditional drug trafficking, into cryptocurrency that can be laundered. We know this because we have anecdotal evidence.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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