I N D U S T R Y O U T L O O K exchanges . In 2023 , 1,425 deposit addresses received over US $ 1 million in illicit cryptocurrency , for a total of US $ 6.7 billion , which accounts for 46 % of all illicit value received by exchanges for the year .
I N D U S T R Y O U T L O O K exchanges . In 2023 , 1,425 deposit addresses received over US $ 1 million in illicit cryptocurrency , for a total of US $ 6.7 billion , which accounts for 46 % of all illicit value received by exchanges for the year .
“ It ’ s possible illicit actors are diversifying their money laundering activity across more deposit addresses in attempts to conceal it from law enforcement and exchange compliance teams . This may also be their strategy to lessen the impact of any one deposit address being frozen for suspicious activity ,” explained Grauer . “ As a result , fighting crypto crime via the targeting of money laundering infrastructure may require greater diligence and understanding of interconnectedness through on-chain activity than in the past , as the activity is more diffused .”
While centralised exchanges still see the highest volume of crypto laundering activity , perhaps unsurprisingly , as the popularity of DeFi protocols grows , so too has their utilisation by more sophisticated cryptocriminals . Overall , the flow of illicit funds to DeFi protocols has followed a steady upward trend over the last five years , and now accounts for 13 % of laundering activities . www . intelligentfin . tech
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