AML Conversations 2024 Crypto Crime Report: A Useful Tool for the AML Community
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Jun 18, 2024 Kim Grauer, Director of Research for Chainalysis, discusses the 2024 Crypto Crime Report in the podcast. Topics include ransomware, sanctions evasion in regions like Russia and North Korea, decreased funds stolen in hacks, rise of romance scams in crypto, and impact of pandemic on crypto utilization and crime.
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Crypto Crime Variety
- Cryptocurrency facilitates various crimes like scams, darknet markets, and ransomware.
- These crimes should be viewed as separate issues rather than one umbrella term of "crypto crime."
Ransomware and Darknet Market Resurgence
- Ransomware and darknet marketplaces saw increased activity, despite declines in other crypto crime areas.
- Law enforcement must maintain consistent pressure to combat the resurgence of these crimes.
Sanctions Impact
- Sanctioned entities, often large services in Russia, drive significant illicit crypto activity.
- Sanctioning these entities tags vast transaction volumes as illicit, reflecting sanction strategy more than evasion.