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More than half of criminal gains end up at crypto exchanges: Report
The Straits Times
|July 12, 2024
More than half of global illicit funds from crimes end up at centralised cryptocurrency exchanges, said a report by blockchain analysis firm Chainalysis.
The illicit funds arrive at these exchanges either directly or indirectly, after the criminals use different methods to cover up asset trails, it added.
Criminals turn to centralised exchanges because of the high liquidity and ease of converting cryptocurrencies into fiat, said the report on trends in money laundering in the crypto world released on July 11.
It said these exchanges are integrated into traditional financial services and can help blend illegal funds with legitimate activities.
“There are currently hundreds of centralised services in any given year that receive over US$1 million in illicit funds,” said Chainalysis.
Denne historien er fra July 12, 2024-utgaven av The Straits Times.
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