In particular, according to the report, transactions involving companies subject to US sanctions have increased.
Illicit use of cryptocurrencies hit a record $20.1 billion last year as transactions involving companies under US sanctions skyrocketed. This is evidenced by the data of the blockchain analytical company Chainalysis.
According to Chainalysis, Cryptocurrency transaction volumes related to illicit activities have grown by more than $2 billion in 2022, despite the “collapse of the crypto market” and “activation of regulators.”
Analysts note that this estimate is an underestimate, as it does not include cases when the cryptocurrency was used as a means of payment in drug and human trafficking. After additional research and data refinement, this figure will increase, the researchers explain. For example, the figure for 2021 has been revised from $14 billion to $18 billion.
At the same time, Chainalysis analysts note that transactions related to persons subject to sanctions increased more than 100,000 times in 2022 and accounted for 44% of illegal activities last year.