Crypto crime hit record $14bn in 2021

Scamming was the greatest form of cryptocurrency-based crime

Scammers took home $14bn in cryptocurrency in 2021, a new all-time high, according to data from blockchain analytics firm Chainalysis.

Crypto received by digital wallet addresses linked to illicit activity including scams, darknet markets and ransomware jumped 80% from a year earlier. Still, the activity represented just 0.15% of total crypto transaction volumes, its lowest ever. As of early 2022, Chainalysis said illicit addresses already hold over $10bn worth of cryptocurrencies, with the majority of this held by wallets associated with crypto theft. Scamming was the greatest form of cryptocurrency-based crime in 2021, followed by theft — most of which occurred through hacking of cryptocurrency businesses. Breva...