Report: 55% Of Cryptocurrency Money Laundering Activity Linked To 270 Blockchain Addresses

Blockchain Analysis Company Chainalysis reported that A small group of 270 addresses drive over 50% of cryptocurrency laundering activity.

There was also a smaller group of 24 addresses that received over $500 million worth of illicit cryptocurrency.

Overall the addresses collectively received $1.3 billion worth of illicit digital currency.

Among the countries which have the most cryptocurrency laundering activities, the United States tops the list followed by Russia, China, South Africa, United Kingdom, Ukraine, South Korea, Vietnam, Turkey, and France.

“Overall, what the data makes clear is that most illicit funds travel to service deposit addresses for whom money laundering makes up a huge portion of their activity, to the point that many of them appear to have no other purpose,“ said Chainalysis.

Most of the illicit funds reportedly came from criminals executing ransomware attacks, darknet markets, stolen cryptocurrency, online gambling, and funds that come from scams or fraud activity.

Chainalysis said that since laundering has become concentrated, it would be easier for law enforcement to trace and seize illicit funding that is done with cryptocurrency.

“Investigators could significantly damage cybercriminals’ ability to convert cryptocurrency into cash by going after these money-laundering service providers,” said Chainalysis.


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