• bitcoin
    Bitcoin(BTC)
    $0.00 4.63%24H
  • ethereum
    Ethereum(ETH)
    $0.00 7.65%24H
  • binance-coin
    Binance Coin(BNB)
    $0.00 8.29%24H
  • usd-coin
    USD Coin(USDC)
    $0.00 -0.04%24H
  • cardano
    Cardano(ADA)
    $0.00 5.58%24H
  • chainlink
    Chainlink(LINK)
    $0.00 7.66%24H
  • bitcoin-cash
    Bitcoin Cash(BCH)
    $0.00 5.04%24H
  • stellar
    Stellar(XLM)
    $0.00 4.19%24H
  • vechain
    VeChain(VET)
    $0.00 7.84%24H
  • tezos
    Tezos(XTZ)
    $0.00 5.65%24H
  • eosdac
    eosDAC(EOSDAC)
    $0.00 3.34%24H
Crypto Currency Bazaar 4u: Today’s Latest Worldwide News on Cryptocurrency Market delivered to the last minute, Live Crypto Price Data and Indexes, Crypto Investment & Finance opportunities & Blockchain projects, Global Crypto Classifieds
  • INVESTMENTS
    • Crypto General
    • Masternodes
    • Mining Projects
    • NFTS Investments
    • Invest In ICO
    • Exchanges
    • Staking Yeild Farming
  • WORLD
  • USA
  • CANADA
  • JAPAN
  • UK
  • UAE
  • INDIA
  • MORE
    • BRAZIL
    • AUSTRALIA
    • EL SALVADOR
    • CENTRAL AMERCIA
    • SOUTH AMERICA
    • AFRICA
    • EUROPE
    • ASIA
    • OCEANIA
    • ICO
  • Login
  • BLOCKCHAIN
  • BITCOIN
  • ETHEREUM
  • NFTS
  • ALTCOIN
  • MINING
  • VIDEOS
  • LIVERATES
  • SHOP
  • CLASSIFIEDS
  • ADVERTISE
  • SUBMIT PRESS RELEASE
HealthNews
No Result
View All Result
Home AUSTRALIA

Crypto Crime Reached New Highs In 2021

CB4U by CB4U
January 11, 2022
in AUSTRALIA
0
Crypto Crime Reached New Highs In 2021
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

In its annual Crypto Crime report, New York-based blockchain analytics firm Chainalysis has reported that although the percentage of illicit crypto transactions fell drastically in 2021, their dollar value surged significantly.

As per the Chainalysis report, the value of crimes involving cryptos surged to a new high of US$14 billion in 2021. This represents an increase of 79 percent from US$7.8 billion reported in 2020, which is mainly due to the upward spiral in crypto prices experienced in 2021.

The cryptocurrency market has expanded to such an extent that Chainalysis has even opened a new office in the Australian capital due to increased mainstream adoption in the Pacific region.

Year-to-year comparison of illicit share of all cryptocurrency transaction volume. Source: Chainalysis

Although the dollar value appears to be astronomical, the activity represents a mere 0.15 percent of the total of US$15.8 trillion in crypto transaction volumes over the year – the lowest percentage ever recorded. To put this in perspective, the illicit share of crypto transaction volume in 2019 was 3.37 percent, and 0.62 percent in 2020.

DeFi Scams and Rug Pulls Main Drivers of Crypto Crime

The Chainalysis report attributes the growth in the volume of scams and legitimate crypto transactions to the boom in decentralised finance (DeFi). While scams accounted for the largest share in 2021, rising 82 percent to US$7.8 billion, nearly US$3 million of the total crime value came from rug pulls.

Last year, Crypto News Australia reported that crypto scams, particularly rug pulls, have become the main trust issue in the crypto space, especially for newcomers.

DeFi protocols have become the primary target for cryptocurrency crimes. Source: Chainalysis

Aside from rug pulls, DeFi platforms were also widely used for money laundering and were targeted by hackers for large-scale theft.

As Chainalysis head of research Kim Grauer noted: “DeFi services were hacked at rates that we’ve never seen before. Not only are people using DeFi to carry out crime, they’re also targeting DeFi for crime.”

Grauer added that DeFi platform protocols were often hacked because it’s a new industry and a lot of the code is open-source, exposing vulnerabilities.

In 2021, US$2.2 billion worth of cryptos was stolen from DeFi protocols, which accounts for two-thirds of all cryptos stolen in 2021 – this figure represents a 516 percent increase on the numbers reported in 2020.

Share this article

Join in the conversation on this article’s Twitter thread.

Disclaimer:
The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.

Advertisement Banner
Previous Post

Rising Parallel Pattern Could Lead 30% Growth In $ONE Price

Next Post

Binance sponsors AFCON to further develop crypto adoption in Africa

CB4U

CB4U

Next Post
Binance sponsors AFCON to further develop crypto adoption in Africa

Binance sponsors AFCON to further develop crypto adoption in Africa

Discussion about this post

RECOMMENDED

US Senator compares cryptocurrency rise to that of the internet – urges regulators to be on the side of the innovator

A campaign has been announced by the Uruguayan government that warns of the dangers of cryptocurrency scams

10 months ago
NFT Marketplace LooksRare Debuts With An Airdrop Of LOOKS Tokens

NFT Marketplace LooksRare Debuts With An Airdrop Of LOOKS Tokens

1 year ago

DON'T MISS

HeartX Launches Web3 Marketplace and Community Aim to Revolutionize Digital Art Industry

HeartX Launches Web3 Marketplace and Community Aim to Revolutionize Digital Art Industry

March 20, 2023
FTX Firms Were $6.8B In The Hole, Crypto Daily TV…

FTX Firms Were $6.8B In The Hole, Crypto Daily TV…

March 20, 2023
Flagstar Bank acquires Signature Bank – without $4B of ‘digital banking’ deposits

Flagstar Bank acquires Signature Bank – without $4B of ‘digital banking’ deposits

March 20, 2023
FDIC Sells Signature Bank’s Deposits To Flagstar, Excludes $4 Billion In Crypto

FDIC Sells Signature Bank’s Deposits To Flagstar, Excludes $4 Billion In Crypto

March 20, 2023
Crypto Currency Bazaar 4u: Today’s Latest Worldwide News on Cryptocurrency Market delivered to the last minute, Live Crypto Price Data and Indexes, Crypto Investment & Finance opportunities & Blockchain projects, Global Crypto Classifieds

The Cryptocurrency Bazaar 4U was founded in 2020 for providing the most trusted information for the Crypto enthusiasts covering a broad range of news about blockchain technology, cryptocurrency assets, emerging fintech trends in the decentralized space, and other related wide array of information surrounding this emerging technology.Our team provides the most up-to-date and accurate news from different sources in this space comprising of unbiased news, in-depth analytics, detailed cryptocurrency price charts, and insightful opinion pieces is the basis of our editorial content.

POPULAR POSTS

HeartX Launches Web3 Marketplace and Community Aim to Revolutionize Digital Art Industry

HeartX Launches Web3 Marketplace and Community Aim to Revolutionize Digital Art Industry

March 20, 2023
FTX Firms Were $6.8B In The Hole, Crypto Daily TV…

FTX Firms Were $6.8B In The Hole, Crypto Daily TV…

March 20, 2023
Flagstar Bank acquires Signature Bank – without $4B of ‘digital banking’ deposits

Flagstar Bank acquires Signature Bank – without $4B of ‘digital banking’ deposits

March 20, 2023

Categories

  • AFRICA
  • ALTCOIN
  • ASIA
  • AUSTRALIA
  • BITCOIN
  • BLOCKCHAIN
  • BRAZIL
  • CANADA
  • CENTRAL AMERCIA
  • CRYPTO GENERAL
  • EL SALVADOR
  • ETHEREUM
  • EUROPE
  • EXCHANGES
  • ICO
  • INDIA
  • INVERST IN ICO
  • INVESTMENTS
  • JAPAN
  • MASTERNODES
  • MINING
  • MINING PROJECTS
  • NFTS
  • NFTS INVESTMENTS
  • OCEANIA
  • SINGAPORE
  • SOUTH AMERICA
  • STAKING & YEILD FARMING
  • UAE
  • UK
  • Uncategorized
  • USA
  • VIDEOS
  • WORLD
  • CONTACT US
  • DISCLAIMER
  • PRIVACY POLICY
  • ABOUT US
  • CLASSIFIED
  • ADVERTISE
  • SUBMIT PRESS RELEASE

© cryptocurrencybazaar4u.io

No Result
View All Result
  • BLOCKCHAIN
  • BITCOIN
  • ETHEREUM
  • NFTS
  • ALTCOIN
  • MINING
  • VIDEOS
  • LIVERATES
  • SHOP
  • CLASSIFIEDS
  • ADVERTISE
  • SUBMIT PRESS RELEASE

© cryptocurrencybazaar4u.io

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoin
    Bitcoin(BTC)
    $0.00 4.63%24H
  • ethereum
    Ethereum(ETH)
    $0.00 7.65%24H
  • binance-coin
    Binance Coin(BNB)
    $0.00 8.29%24H
  • usd-coin
    USD Coin(USDC)
    $0.00 -0.04%24H
  • cardano
    Cardano(ADA)
    $0.00 5.58%24H
  • chainlink
    Chainlink(LINK)
    $0.00 7.66%24H
  • bitcoin-cash
    Bitcoin Cash(BCH)
    $0.00 5.04%24H
  • stellar
    Stellar(XLM)
    $0.00 4.19%24H
  • vechain
    VeChain(VET)
    $0.00 7.84%24H
  • tezos
    Tezos(XTZ)
    $0.00 5.65%24H
  • eosdac
    eosDAC(EOSDAC)
    $0.00 3.34%24H