A new Chainalysis report has revealed that a total of 4,068 “criminal whales” across the globe are holding US$25 billion in digital assets.
‘Criminal Whales’ and Crypto Crime
Criminal whales are defined as private wallets holding over US$1 million worth of crypto, where 10 percent or more of these funds are obtained from illicit addresses associated with malware, scams and fraud. Chainalysis’ February 16 report contains data collected from 2017 to 2021 that shows just how drastically the figure has risen over that period.
Crypto’s double-edged sword of minimal regulation is causing the creation of various groups to counter illegal activity. One such example is the US Justice Department’s National Cryptocurrency Enforcement Team (NCET), the formation of which was announced last week.
Chainalysis Findings and Partnerships
Released in late 2021, another Chainalysis report found that scam revenue had risen by 81 percent in that year alone. A large portion of these scams were rugpulls, where a project’s team cuts and runs with investor funds.
In November last year, Chainalysis opened an office in Canberra after agreeing to a partnership with the Commonwealth Bank of Australia (CBA). This came in response to increased mainstream adoption of cryptocurrencies and demand for CBA’s crypto exchange and custody service.
By Lauren Claxton, Crypto News Guest Author
Disclaimer:
The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.
Credit: Source link
