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The crypto market will achieve rapid growth in 2021. With the total market value increasing by about 200%, digital currencies are gaining popularity among retail and institutional investors. However, scammers and fraudsters have also increased their activities in the past 12 months.
A recent report released by Chainalysis, one of the leading blockchain data platforms, showed that illegally encrypted addresses received nearly US$14 billion in 2021, compared with US$7.8 billion in 2020. Illegal activities related to crypto transactions hit a record high last year.
However, there is another side to the story. In 2021, the overall cryptocurrency transaction volume jumped to 15.8 trillion U.S. dollars, an increase of 567% compared with 2020. Due to the amazing growth of the total volume, illegal cryptocurrency transactions now only account for 0.15% of the transaction volume.
“Among all the cryptocurrencies tracked by Chainalysis, the total transaction volume in 2021 has grown to $15.8 trillion, an increase of 567% from the total transaction volume in 2020. Given this widespread adoption, more and more cybercriminals are using Cryptocurrency is not surprising. However, the increase is only 79%, which is nearly an order of magnitude lower than the overall adoption rate. This fact may be the biggest surprise. In fact, the growth in the use of legal cryptocurrencies [is] Far exceeds the growth in criminal use,” the report famous.
Go to financial institution
In addition, as investors invest billions of dollars Go to financial institution Criminal activities related to decentralized finance have jumped to record levels.according to Chain analysis, DeFi transaction volume soared by more than 900% last year.
“Cryptocurrency thefts are growing faster. Approximately US$3.2 billion worth of cryptocurrencies was stolen in 2021, an increase of 516% compared to 2020. Of this, approximately US$2.2 billion, accounting for 72% of the total in 2021, was derived from the DeFi protocol. The increase in DeFi-related thefts represents an acceleration of the trend we found in last year’s encryption crime report,” Chainalysis added.
The crypto market will achieve rapid growth in 2021. With the total market value increasing by about 200%, digital currencies are gaining popularity among retail and institutional investors. However, scammers and fraudsters have also increased their activities in the past 12 months.
A recent report released by Chainalysis, one of the leading blockchain data platforms, showed that illegally encrypted addresses received nearly US$14 billion in 2021, compared with US$7.8 billion in 2020. Illegal activities related to crypto transactions hit a record high last year.
However, there is another side to the story. In 2021, the overall cryptocurrency transaction volume jumped to 15.8 trillion U.S. dollars, an increase of 567% compared with 2020. Due to the amazing growth of the total volume, illegal cryptocurrency transactions now only account for 0.15% of the transaction volume.
“Among all the cryptocurrencies tracked by Chainalysis, the total transaction volume in 2021 has grown to $15.8 trillion, an increase of 567% from the total transaction volume in 2020. Given this widespread adoption, more and more cybercriminals are using Cryptocurrency is not surprising. However, the increase is only 79%, which is nearly an order of magnitude lower than the overall adoption rate. This fact may be the biggest surprise. In fact, the growth in the use of legal cryptocurrencies [is] Far exceeds the growth in criminal use,” the report famous.
Go to financial institution
In addition, as investors invest billions of dollars Go to financial institution Criminal activities related to decentralized finance have jumped to record levels.according to Chain analysis, DeFi transaction volume soared by more than 900% last year.
“Cryptocurrency thefts are growing faster. Approximately US$3.2 billion worth of cryptocurrencies was stolen in 2021, an increase of 516% compared to 2020. Of this, approximately US$2.2 billion, accounting for 72% of the total in 2021, was derived from the DeFi protocol. The increase in DeFi-related thefts represents an acceleration of the trend we found in last year’s encryption crime report,” Chainalysis added.
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