2022 set a record! Setting aside the criminal investigations of failed crypto businesses like FTX, Celsius, 3AC, Terra, and others, 2022 set the record in illicit on-chain transactions.
2022 set the record in illicit on-chain transactions, setting aside the criminal investigations of failed crypto businesses like FTX, Celsius, Three Arrows Capital, Terraform Labs and others. According to a Jan. 12 report from Chainalysis, the total cryptocurrency value received by illicit addresses reached $20.1 billion last year.
The numbers aren’t final, as the measure of illicit transaction volume grows over time as the analysts identify new addresses associated with criminal activity. Moreover, it doesn’t include proceeds from non-crypto native crimes like drug trafficking and the funds on the balance of the above-mentioned failed companies, which are now under investigation in various jurisdictions around the globe.
At this point, the total value of $20.1 billion slightly exceeds the same measure in 2021 by 10%. However, it still represents an all-time record and significantly transcends the 2020 marker, which stands at $8 billion. Such numbers can be explained by the fact that 44% of 2022’s illicit transactions account for sanctioned entities: Last year, the United States Office of Foreign Assets Control launched some of its “most ambitious and difficult-to-enforce” crypto sanctions. Sanctions-related transaction volumes rose so drastically that they couldn’t even be included on the graphs due to scale issues. Chainalysis evaluates this growth at the 10% million mark.
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