Crypto crime accounted for a record-high $20.6B of blockchain transactions in 2022. chainalysis head of research KimberlyGrauer says sanctioned activity and hacking were the two categories behind the rise in illicit transaction volume. _franvela reports
While other forms of illicit activity may have trended down, “there were two categories that really stood out in terms of their growth, and that’s sanctioned activity and hacking,” Kim Grauer, head of research at the firm, said Monday on CoinDesk TV’s “First Mover.”
According to the Chainalysis report, criminal activity accounted for 0.24% of all blockchain transactions last year – an increase from the year before of 0.12%. However, crypto crime is “a small share of total volume at less than 1%,” the report found. Grauer said that after the U.S. Treasury Department's Office of Foreign Assets Control began to crack down on crypto platforms in 2021 rather than singling out crypto addresses of specific bad actors, all transactions done by the platforms that were said to facilitate crimes were counted. With this new categorization, Chainalysis found a majority of the sanctioned activity in 2022 came from funds “flowing to Garantex or other services like that after the designations occurred.
protocols. In 2022, $3.8 billion worth of crypto was stolen from DeFi protocols, an increase from $3.3 billion stolen the year prior. “We can’t continue to have this rate of hacking,” Grauer said, “because it just really undermines trust in the ecosystem.”
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