Written by
Jonathan Greig, Staff Writer
Jonathan Greig
Staff Writer
Jonathan Greig is a journalist based in New York City.
Full Bio
on January 6, 2022
| Topic: Blockchain
Blockchain data platform Chainalysis has released a new report on cryptocurrency crime trends, finding that $14 billion in cryptocurrency was sent to illicit addresses in 2021, nearly double the figure seen in 2020.
Chainalysis data shows that about $2.2 billion was outright stolen from DeFi protocols in 2021. As of 2022, Chainalysis estimated that illicit addresses currently hold at least $10 billion worth of cryptocurrency, with most held by wallets implicated in cryptocurrency theft, darknet markets and scams.
Digging deeper into the figures, Chainalysis researchers found that cybercriminals brought in 82% more in revenue from scamming last year, raking in $7.8 billion in cryptocurrency from victims. Within that $7.8 billion, Chainalysis discovered $2.8 billion that came from a scam they call “rug pulls.” In these scams, developers create seemingly legitimate cryptocurrency projects before stealing investor money and disappearing.
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