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The following is the In 2020, the proportion of criminal activities in cryptocurrency transactions will drop sharply From Chainalysis recommended by recordtrend.com. And this article belongs to the classification: Blockchain, Bitcoin.
According to the latest “2021 encryption crime report” released by chainalysis, a blockchain analysis company, the just past year 2020 is an incredible year for cryptocurrency. Although covid-19 is suffering from the COVID-19’s new crown disease, the value of bitcoin has been renewed again, mainly due to the increased demand of institutional investors.
As in the past, cryptocurrency is still attractive to criminals, mainly because of its anonymity and the convenience of allowing users to send funds instantly anywhere in the world, even though its design is transparent and traceable. But the good news is that cryptocurrency related crime will decline significantly in 2020.
In 2019, criminal activity accounted for 2.1% of all cryptocurrency transactions, or about $21.4 billion worth of transfers. In 2020, the proportion of criminal activity in all cryptocurrency activities will drop to only 0.34%, or US $10 billion of trading volume. One reason for the decline in the proportion of criminal activity is that overall economic activity almost tripled between 2019 and 2020.
The figure above shows the total amount of cryptocurrency obtained by crime type from 2017 to 2020. Please note that this picture is different from the first one in that it only tracks the received cryptocurrency, which we generally associate with the proceeds of crime, rather than the cryptocurrency sent from the criminal address, which we generally associate with money laundering. The figure below shows the amount received each month by different types of criminal entities throughout the year.
As in 2019, fraud accounts for the majority of all cryptocurrency related crimes, accounting for 54% of illegal activities, representing about $2.6 billion worth of cryptocurrency received. However, the original value and share of all the criminal activities represented by fraud are much smaller than those in 2019, because in 2020, no fraud can be compared with the huge plustoken Ponzi scheme, which received more than $2 billion from millions of victims. The dark net market once again became the second largest crime category, accounting for $1.7 billion of cryptocurrency activity, up from $1.3 billion in 2019.
In 2020, however, there will be a significant increase in extortion software. Although extortion software accounts for only 7% of the money received by crime, which is less than $350 million in cryptocurrency, the number is 211% higher than that in 2019. In 2020, covid-19 crime did not increase significantly, mainly because the impact of the new crown caused many people to work at home.
More reading from cnBeta: chainalysis: report on cryptocurrency crimes in 2020 chainalysis: cryptocurrency hackers lost more than US $283 million in 2019 ciphertrace: Global cryptocurrency crimes lost US $4.4 billion in the first nine months of 2019 juniper Research: cryptocurrency is on the verge of collapse Vries: it is estimated that the global cryptocurrency mining power will exceed the solar power generation in 2019. 21.2% of American college students use financial aid funds to invest in cryptocurrency. Bitwise: as high as 86% of cryptocurrency transaction volume may be forged. Coinmarketcap: the total market value of cryptocurrency exceeds US $500 billion for the first time. Coinmarketcap: in August 2018, the global cryptocurrency market value drops to US $200 billion Innovative financial center: the report shows that more than 3 million people use cryptocurrency globally. Ciphertrace: the loss caused by cryptocurrency crimes in 2019 exceeds US $4.5 billion. Wall Street Journal: the amount of money defrauded by global cryptocurrency ICO fraud reaches US $273 million. Cambridge University: 2018 global cryptocurrency benchmark Research Report
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