Crime involving cryptocurrencies hit an all-time high of $14 billion last year, blockchain researcher Chainalysis has said, a record that comes as regulators call for more powers over the fast-growing sector.
Crypto received by digital wallet addresses linked to illicit activity including scams, darknet markets and ransomware jumped 80% from a year earlier, Chainalysis said.
The activity represented just 0.15% of total crypto transaction volumes, its lowest ever.
Overall volumes soared to $15.8 trillion in 2021, up over five-fold from a year earlier, Chainalysis said.
Digital assets, from bitcoin to non-fungible tokens, exploded in popularity in 2021 amid an embrace from institutional investors and major companies.
Newcomers have been drawn to the promise of quick gains touted by crypto backers, and hopes that bitcoin offers a hedge against soaring inflation.…