Global sanctions fuel record flow to illicit crypto addresses
Recent data reveals that global sanctions have led to a significant increase in illicit cryptocurrency transactions, reaching a record high of $20.1 billion in 2022. This surge is attributed to the growing use of cryptocurrencies by sanctioned entities to bypass financial restrictions. The report highlights that North Korea and Russia are among the top countries utilizing crypto for illicit activities. Additionally, decentralized finance (DeFi) platforms are increasingly being exploited for money laundering and other illegal transactions. The trend raises concerns about the effectiveness of regulatory measures in curbing the misuse of digital assets.
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