skip to Main Content

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.”

GET THE REPORT NOW

Back To Top