Blockchain analysis firm Chainalysis found that cryptocurrency-related crimes fell by more than 53% last year and that crypto activity that was connected to crimes was a mere 0.34% of transaction volume or $10 billion worth of transfers.

This is still much lower than criminal activity numbers reported in 2019, which represented 2.1% ($21.4 billion) of all cryptocurrency transaction volume.

However, the Chainlaysis team expects last year’s percentage of criminal activity to rise because some addresses remain unidentified. Especially those in connection with PlusToken scam that swindled $6 billion from 715,000 victims.

Additionally, researchers were able to track the kinds of crime connected to last year’s crypto transactions associated with illicit activity. Unlike 2019, when scams dominated criminal activity, ransomware accounted for 7.1% of all funds received by criminal addresses in 2020. This was estimated to be under $350 million in cryptocurrency. Chainalysis team found the figure alarming because it represents a 311% increase over 2019.

Source: Amb Crypto

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