The rise in cryptocurrency-related crime we’ve seen in the past year has been somewhat expected. As the crypto market grows, so does the number of malicious actors that operate in it. And while the share of crypto crime in the overall market has dropped significantly in the past year, it’s still a very lucrative business.
However, cybercriminals operating in the crypto market face a very unique problem—how to hide their ill-gotten funds and convert them to cash.
The transparent nature of blockchain technology means that each and every cryptocurrency transaction made on-chain can be followed. This makes it extremely hard to hide large transactions and easy for law enforcement to follow the flow of stolen cryptocurrencies.
These challenges, however, haven’t stopped cyber criminals from drastically increasing their money laundering efforts last year. According to the Chainalysis 2022 Crypto Crime Report, 2021 saw a 30% increase in money laundering activity over 2020.
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