The total volume of cryptocurrency transactions rose to $ 15.8 trillion last year. This is an increase of more than 550 percent over the previous year.
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Wallets associated with criminal activities are illegal addresses. These include, for example, ransomware that encrypts files or makes it impossible to use a computer, or the so-called Ponzi scheme. This works on the principle of fraud, sometimes referred to as an aircraft, where the investment fund operator no longer invests the invested funds, but pays investors out of the money of the people who invested them in them.
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“Criminal abuse of cryptocurrencies creates huge barriers to their further adoption, increases the likelihood of government-imposed restrictions, but worst of all, its victims are innocent people around the world,” says Chainalysis.
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The report also states that an increase in decentralized finance, or DeFi, has played a significant role in theft and fraud. This is a technology that allows lending in cryptocurrencies outside of traditional banking.
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In 2020, nearly $ 162 million in cryptocurrencies were stolen from DeFi platforms, or 31 percent of all cryptocurrencies stolen. Compared to 2019, this is an increase of 335 percent, and last year that number increased by 1,330 percent to $ 2.3 billion, says Chainalysis.
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Bitcoins and other virtual currencies
There are many virtual currencies. One of the oldest and currently most popular are the so-called bitcoins. They were established in 2009, but have enjoyed greater popularity in recent years. This currency was designed so that it could not be influenced by any government or central bank.
Cyber coins are “minting” a network of computers with specialized software programmed to release new coins at a steady but declining pace. The number of coins in circulation is expected to reach 21 million in the end, which is to be around 2140.
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