The blockchain data provider Chainalysis revealed that Chinese cryptocurrency accounts had sent over $2.2 billion worth of digital assets to addresses tied to criminal activities such as frauds and darknet transactions in a period of around two years. However, large-scale Ponzi schemes are less popular in China than in other countries.
Cryptocurrencies Fueled Illegal Operations in China
According to a research conducted by the blockchain data platform Chainalysis, Chinese crypto wallets transferred more than $2.2 billion worth of virtual assets to accounts related to money laundering, drug trafficking, and other illegal activities between April 2019 and June 2021. These addresses also received a further $2 billion in cryptocurrencies from criminal sources.
Even though the numbers seem high, they have fallen drastically over the two-year period compared to other countries. Chainalysis explained that the main reason behind it is the fact that large-scale Ponzi schemes are not that common
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