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- 1 A decline in the total money laundering from the cryptocurrency industry is seen in 2023 compared to 2022.
- 2 The total amount of funds transferred in the crypto mixers in 2023 is $504 Billion, which is comparatively less than in 2022.
- 3 In the past few days, the market capitalization of the cryptocurrencies grew over 14%, and when writing, it was trading at $1.96 Trillion.
Chainalysis’s latest research states that a total of $22 Billion worth of cryptocurrencies have been laundered in 2023; the amount is comparatively less than that in 2022.
The study also mentions that a significant gap in the trading of the entire crypto market was also observed due to the decline in crypto money laundering. Centralized cryptocurrency exchanges remain the most preferred choice for receiving funds from illicit addresses.
However, a significant surge in illicit transactions is shifting towards decentralized exchanges, as they are claimed to be safer compared to centralized exchanges. The firm further details the growing use of a new mixer, YoMix, following the takedown of Sinbad.
Chainalysis argued in its report that the infamous Lazarus Group of North Korea also uses the same miner, YoMix, to launder Bitcoin and other cryptocurrencies following the hacks or thefts.
The total amount of funds transferred in the crypto mixers in 2023 is $504 Billion, which is comparatively less than in 2022. The bad actors are troubling the entire crypto market and wiping out over $500 Million yearly.
Chainalysis noted in conclusion, “The changes in money laundering strategy we’ve seen from crypto criminals like Lazarus Group serve as an important reminder that the most sophisticated illicit actors are always adapting their money laundering strategy and exploiting new kinds of crypto services.”
“Law enforcement and compliance teams can be more effective by studying these new laundering methods and becoming familiar with the on-chain patterns associated with them,” it added.
Crypto Market Updates
In the past few days, the market capitalization of the cryptocurrencies grew over 14%, and when writing, it was trading at $1.96 Trillion. Dozens of market observers believe that there are expectations that the market cap might touch $2 Trillion soon.
The fourth Bitcoin halving is approaching and is expected to occur in April 2024, which is also considered a significant factor behind the surging Bitcoin prices. When writing, the price of BTC was $52,056; in the past seven days, the prices flourished by 10.45%.
The list of intraday gainers is led by Siacoin (SC), which grew more than 21%, followed by Arweave (AR) at 12.98%, Render (RNDR) at 10.40%, SATS at 10.04%, The Graph and Bitget Token.
Beam lost 9.63% of its trading price in the past 24 hours and became the topper of the intraday loser list, followed by Helium at 9.41%, Mina at 7.33%, Mantle at 6.67%, and several others on the list.
Ethereum, the second most talked about market, is flourishing following the curiosity of yet-to-be-approved spot ETF. Earlier this month, the Securities and Exchange Commission (SEC) of the United States cited an application for Ether spot ETF, which was collectively filed by two leading crypto industry companies.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
