Chainalysis: illicit cryptocurrency transactions have dropped sharply in China

August 9, 2021


illicit cryptocurrency transactions have dropped sharply in China

From April 2019 to June 2021, more than $2.2 billion worth of digital assets were sent from Chinese cryptocurrency wallets to addresses linked to illegal activities. This is according to a report by analytics company Chainalysis.

Among the cryptocurrency recipients were accounts linked to money laundering, fraud, drug trafficking and other illegal activities.

According to the document, the volume of illegal cryptocurrency transactions in China has declined sharply compared to other countries. Among the reasons, Chainalysis cited a reduction in fraud with the Ponzi scheme and measures by the authorities.

As a reminder, China sentenced 14 organisers of the PlusToken cryptocurrency pyramid scheme in December 2020.

Key participants in the scheme received prison sentences ranging from two to 11 years. In July 2020, the damages were estimated at $5.8bn.

As a reminder, China sentenced 14 organisers of the PlusToken cryptocurrency pyramid scheme in December 2020.

Key participants in the scheme received prison sentences ranging from two to 11 years. In July 2020, the damages were estimated at $5.8bn.

Bitcoin ahead of price explosion

Blockchain.info is the most popular place to securely buy, store, and trade Bitcoin, Ethereum, and other top cryptocurrencies.

About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

Leave a Reply

Your email address will not be published. Required fields are marked

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}