According to research released Thursday by blockchain data platform Chainalysis, illicit digital currency transaction volume reached an all-time high of $20.1 billion in 2022 – and the report emphasises that this figure is on the low end. A significant portion of the illicit transaction volume (44%) was associated with sanctioned entities, which saw a 10,000,000% increase from 2021 to 2022, with the majority of these transactions taking place on Russia-based crypto exchange Garantex. Despite being sanctioned by the US Treasury Department’s Office of Foreign Assets Control, the platform “has been able to continue operating with impunity,” according to Chainalysis. Theft of crypto funds increased year over year as well, but by a much smaller margin of 7%.
