Summary
Money laundering involving crypto assets has decreased from the previous year, but illicit actors are changing their tactics, according to a report by Chainalysis. Illicit addresses sent $22.2 billion worth of cryptocurrency in 2023, a 29.5% decrease from 2022. More illicit actors are sending stolen funds to blockchain bridges and there has been a rise in funds sent from ransomware to gambling platforms. It is believed that criminals are diversifying their money laundering activity across multiple addresses to better conceal it from law enforcement. Sanctions on cryptocurrency mixing services have led to a decline in funds sent to mixers from illicit addresses, but new services are emerging to replace those that have been blacklisted. The use of cryptocurrency in illicit financing has increased, but fiat currency remains the preferred choice for concealing funds.
Key Points
1. Money laundering involving crypto assets has decreased by 29.5% from 2022 to 2023, suggesting a decline in illicit activity.
2. Illicit actors are changing their tactics by sending stolen funds to blockchain bridges and increasing funds sent from ransomware to gambling platforms.
3. Recent sanctions on cryptocurrency mixing services have led to a decline in funds sent to mixers from illicit addresses, but new services are emerging to replace the blacklisted ones.