Chainalysis Inc. released its 2024 Crypto Money Laundering Report, highlighting the rapid increase in illicit cryptocurrency transactions targeting global exchanges.
Uncontrolled Crypto Flows to Exchanges in 2023
Chainalysis Inc. identified 109 exchange deposit addresses receiving over $10 million each in illicit cryptocurrency, totaling $3.4 billion in 2023. Eric Jardine, Cybercrimes Research Lead at Chainalysis, stated: 'In 2023, 109 exchange deposit addresses received over $10 million worth of illicit cryptocurrency each, and collectively, they received $3.4 billion in illicit cryptocurrency.'
Security and Compliance
The latest price data is unavailable; however, analysts interpret the report as confirming historical security challenges, pressuring exchanges to boost compliance.
Increased Use of Innovative Technologies
In 2022, the use of bridges was limited to $312.2 million. Current developments indicate a stronger technological grasp by illicit actors, necessitating robust regulatory collaboration.
The Chainalysis report highlights the need for decisive actions in security and compliance to prevent further growth of illicit operations on cryptocurrency exchanges.
