According to the latest Chainalysis report, global transaction volume increased to $15.8 trillion last year, a 567 percent increase from the total of 2020.
The rise in illegal transactions, on the other hand, was only 79%. In 2021, cryptocurrency-based crime reached a new all-time high, with “illicit” addresses earning $14 billion over the year, up from $7.8 billion in 2020. This is the opening statement of Chainalysis 2022 Crypto Crime Report.
In its annual report on illicit activities, the company found that the numbers don’t tell the entire story and that crypto crime has reached an all-time low in terms of total market share. While there are other causes that contributed to this, the decrease in the percentage of illicit activities is mostly due to the massive surge in legitimate cryptocurrency usage. The total value of all crypto transactions tracked by Chainalysis reached $15.8 trillion last year, up 567 percent from 2020.
Chainalysis shows in its report that this figure is expected to rise when additional addresses related to illegal activities are identified. The company found that 0.34 percent of the year’s crypto transaction volume was involved in criminal behaviour in its 2021 Crypto Crime Report, but increased that number to 0.62 percent in the 2022 report—an 82 percent rise.