Chainalysis Study Shows Criminal Whales Hold $25B in Digital Assets

- Advertisement -

Chainalysis Study Shows Criminal Whales Hold $25B in Digital Assets – According to Chainalysis’ study, criminal entities own more than $25 billion in cryptocurrency. According to the research conducted by the blockchain intelligence firm, criminals’ crypto holdings increased by 266 % since the previous year.

According to a research issued by the blockchain monitoring firm Chainalysis, criminals today have $25 billion in digital assets. Despite substantial law enforcement seizures last year, officials may conceivably seize billions of dollars in cryptocurrency held by criminal groups on the blockchain.

From Chainalysis research, there was a “substantial surge in criminal balances” in 2021. According to Chainalysis, the metric was $3 billion in 2020, whereas criminal entities owned $11 billion in 2021. Moreover, out of stolen funds, fraud shops, ransomware, and darknet funds, the balance of stolen funds constitute the lion’s share of crypto held by criminals.

- Advertisement -

Also Read: Solana-Based Defi Margin Trading Protocol Raises $3 Million in Seed Funding

“At $9.8 billion, stolen funds account for 93 percent of all criminal balances as of the end of 2021. “Darknet market funds come in second with $448 million, followed by scams with $192 million, fraud shops with $66 million, and ransomware with $30 million,” according to Chainalysis. “Criminal balances fluctuated throughout the year, from a low of $6.6 billion in July to a peak of $14.8 billion in October,” according to the report.

Furthermore, the Chainalysis survey revealed that darknet market vendors and administrators dominated the roost when it came to holding crypto for the longest time without liquidating. According to the study, entities that retain stolen crypto assets keep the funds for the shortest amount of time.

Although there are “very huge wallets that hold longer than is common for others in the stolen funds category.” The firm was also able to determine that criminal whales had “greater variance” after analyzing their balances.

Also Read: US Lawmakers Introduce Bill to Mitigate Risks From El Salvador Adopting Bitcoin as Legal

Chainalysis Study Shows Criminal Whales Hold $25B in Digital Assets – A criminal crypto whale, according to Chainalysis analysts, is any private wallet containing $1 million in cryptocurrency with at least 10% of the cash coming from unlawful addresses.

Thousands of alleged criminal crypto whales have been uncovered by Chainalysis, and it appears that the majority of them fall into one of two categories: “whales obtained either a relatively small or exceptionally high share of their total balance via illegitimate addresses.”

According to the company’s report, “overall, Chainalysis has identified 4,068 illegal whales controlling almost $25 billion in cryptocurrencies.” “Criminal whales account for 3.7 percent of all cryptocurrency whales, or private wallets with more than $1 million in cryptocurrency,” according to the report.

Don't miss

Bank of Spain to Launch Experimental Wholesale CBDC Digital Token Program

Bank of Spain to Launch Experimental Wholesale CBDC Digital...

Elon Musk Says Twitter Will Delete 1.5 Billion Dormant Accounts

Elon Musk Says Twitter Will Delete 1.5 Billion Dormant...

Massachusetts Senator Forwards Bill Aimed at Forcing Crypto Miners to Report Greenhouse Gas Emissions

Massachusetts Senator Forwards Bill Aimed at Forcing Crypto Miners...

Trevor Noah Bids Farewell to ‘The Daily Show’ in Emotional Final Episode Sign-Off

Trevor Noah Bids Farewell to 'The Daily Show' in...

‘Top Gun: Maverick’ Named Best Film of 2022 by National Board of Review

'Top Gun: Maverick' Named Best Film of 2022 by...

LEAVE A REPLY

Please enter your comment!
Please enter your name here