According to the research, Criminal whales are private wallets with more than $1 million in cryptocurrency and more than 10% of their balances coming from unlawful addresses.
Overall, 4,068 criminal whales own almost $25 billion in cryptocurrencies. Criminal whales account for 3.7 % of all cryptocurrency whales.
The data revealed that 1,374 whales had obtained between 10% and 25% of their balance via shady sources; 1,361 got between 90% and 100%. There were 1,333 criminal whales with illegal financial balances of 25 % to 90 %.
In terms of illegal transaction activity, the research found that criminal addresses will get more than $14 billion in 2021; up from $7.8 million in 2020. Scamming accounted for the lion’s part of the $14 billion number last year, accounting for $7.8 billion, up 82 % year over year. Rug pulls by Decentralized Finance (DeFi) were a major source of fraud. It had a total value of $2.8 billion: “We should emphasize that one fraudulent centralized exchange, Thodex, whose CEO vanished soon after the exchange blocked customers’ ability to withdraw assets, is responsible for about 90% of the entire value lost to rug pulls in 2021.”
Theft soared by 516 %. It accounted for $3.2 billion in illegal transactions, with the DeFi sector once again becoming a source of worry.
On the plus side, overall transaction volume in USD value in 2021 was roughly $15.8 trillion, with unlawful addresses accounting for only 0.15 % of it, down from 0.34 % the year before.” Crime is becoming less and less of a factor in the bitcoin economy. The ability of law enforcement to tackle cryptocurrency-based criminality is also changing. Throughout 2021, we’ve seen various examples of this, from the CFTC pressing charges against several investment frauds to the FBI’s takedown of the widespread Ravil ransomware strain to OFAC’s sanctions of Suex and Chatex,” according to the paper.
Key Points: AUD/JPY broke below a rising wedge, signalling possible bearish momentum, with immediate resistance at 103.00 and support at…
Key Points EUR/JPY Rises to 168.25: Strengthened by robust Eurozone economy and steady ECB policy. Eurozone GDP Grew by 0.3%…
Key Points: Nio's shares hit 44.20 HKD, up 20%, with electric vehicle deliveries up 134.6% year-on-year to 15,620. BYD leads…
Key Points: Ethereum fell sharply from $3,355 to a low of $2,813, reflecting high volatility and sensitivity to market dynamics.…
Key Points Nikkei 225 slightly fell by 0.1%, while the Hang Seng index surged by 2.4%. USD/JPY increased slightly, highlighting…
Key Points: Gold prices rose on MCX India to ₹71,278/10 gm and COMEX US to $2,328/oz. The US Dollar Index…
This website uses cookies.