Blockchain, Crystal Blockchain, cybercriminals, cybersecurity, illicit financial flows, illicit transactions, report, Stolen Bitcoin, Stolen funds

A new report unveiled a growing trend of efforts from cybercriminals hiding their stolen cryptocurrencies through different transaction flows. Crystal Blockchain pointed out that since 2019, the volume of stolen bitcoin grew significantly.

Only 8% of the Funds Were Transferred to Exchanges With Verification Procedures in 2020

Per the findings, in 2020, the firm said that cybercriminals attempted to withdraw stolen and scam-sourced digital assets at a rate of 13x faster than five years ago.

Interestingly, in 53% of the cases, exchanges with verification requirements were the major destinations of such funds in 2015. But the figures fell in 2020 to 8% of stolen funds being transferred through crypto exchanges with verification procedures.

Still, mixers and exchanges without verification requirements were the main destinations in 2020 of the stolen crypto funds. Moreover, the report highlighted that crypto criminals only hide their stolen funds within 28 days on average.

Growing Popularity of Blockchain Analytics Tools

Crystal Blockchain provided some potential reasons behind that trend, including the emergence of several blockchain analytical firms working hand-by-hand with exchanges to improve their security compliance systems. The firm also added:

Overall, the report praises that crypto regulations increasingly encouraging exchanges to take proper measures. It includes performing more robust anti-money laundering procedures. However, the blockchain analytics firm warned:

What are your thoughts on the report’s findings? Let us know in the comments section below.

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