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Cryptocurrency Anti-Money Laundering Report, 2019 Q4

The Q4 2019 CipherTrace Cryptocurrency Anti-Money Launder 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 topped US$4.5 billion, including a massive increase in insider fraud.

Highlights include:

  • Total of cryptocurrency frauds and thefts hit a staggering US$4.5 billion, including:
    • US$370.7 million lost in exchange thefts and hacks
    • US$4.1 billion of losses stemming from fraud and misappropriation of funds
  • 66% of dark market vendors sell stolen payment products, with compromised accounts sometimes selling for as low as 1% of the actual value.
  • Banking and cryptocurrency increasingly intertwined as 8 out of 10 U.S. retail banks harbor illicit crypto MSBs.
  • 97% of ransomware uses BTC as the payment rail.
  • FinCEN, CFTC, and SEC clarified areas of authority in joint statement as U.S. Congress working to codify which agencies regulate and enforce the various blockchain regulations.
  • IRS for the first time asked taxpayers to list their cryptocurrency earnings on tax form.
  • Largest Russian dark market launchng ICO to fund Western expansion.

“All of the top 10 U.S. retail banks have illicit cryptocurrency MSBs—including crypto exchanges—transmitting funds on their payment networks.”


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