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Cryptocurrency Anti-Money Laundering and Crime Report, Spring 2020

The Spring 2020 CipherTrace Cryptocurrency Anti-Money Launder and Crime Report covers the latest developments and trends in global efforts to counter money laundering, terrorism financing, and sanctions evasion. It also includes updates and year-to-date statistics on cryptocurrency related crime—which have already topped US$1.4 billion, suggesting 2020 could see the second-highest value in cryptocurrency crimes ever recorded.

Highlights include:

  • Total of cryptocurrency frauds and thefts have already hit a staggering US$1.4 billion.
    • Of the $1.36 billion stolen, fraud and misappropriation account for 98% of the total value—nearly $1.3 billion.
  • Phishing sites were found to be the most popular COVID-19 related products sold on the dark web, while most fake COVID-19 PPE products had very little sales.
  • The global average of direct criminal funds received by exchanges dropped 60% in the past three years.
  •  Only 0.17% of funds received by cryptocurrency exchanges globally came directly from criminal sources.
  • Finnish exchanges ranked #1 for highest percentage of criminal BTC received for the third year in a row.
  • 74% of the bitcoin moved in exchange-to-exchange transactions was cross-border.
  • 88% of funds that US Bitcoin ATMs (BATMs) sent to exchanges in 2019 were sent offshore.

“While only 9.8% of the dark market’s one-hop (direct) interactions went directly to exchanges, 30.7% of its two-hop (once removed) interactions went to exchanges—more than tripling the risk exposure to exchanges.”

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