Watch out! This is one of the reasons why you need to ensure the safety of your investments

 

People who use fake addresses linked to crypto criminals made $14 billion in payments in 2021, according to new Chainalysis estimates. That’s a new all-time record, and it’s a lot more than the $7.8 billion that was seen in 2020.

The blockchain intelligence firm said that because transaction volumes have gone up 567 percent year on year, the spike was to be expected. However, the firm added: “With the growth of legitimate cryptocurrency use far outpacing the growth of criminal use, illicit activity’s share of cryptocurrency transaction volume has never been lower.”

Chainalysis’ data show that 0.15 percent of transactions in 2021 came from illegitimate addresses, but the company warned that this could rise as more people look into the matter.

People who work for the company say that, even though they put a positive spin on the data, they say that the amount of illegal activity in the crypto ecosystem is a “real problem.”

Using cryptocurrencies for criminal purposes makes it hard for people to keep using them, increases the risk that governments will put limits on how much they can do, and worst of all, hurts innocent people all over the world.

Decentralized finance protocols and rug pulls, when people start businesses that look good and then disappear with their customers’ money, have been a big part of the rise in 2021.

In other words, a study by New Scientist found that British police have seized $436 million worth of cryptocurrencies over the last five years. Most of these digital assets were found by London’s Metropolitan Police, and 99.9% of the coins found were BTC. In the UK and other places, law enforcement has had a hard time learning how crypto works. This is a big problem for them. This is why some police departments have asked for help from people.

 

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