Chainalysis report: crypto money laundering at $22.2bn in 2023, down 30% year-on-year

In its annual report on cryptocurrency money laundering, Chainalysis said that illegal cryptocurrency activity fell sharply last year, partly due to a decline in cryptocurrency trading volumes, but also because hacker groups such as the Lazarus Group are developing ways to evade detection. Chainalysis said money laundered through cryptocurrencies was $22.2 billion in 2023, down from $31.5 billion the year before and down 30 per cent year-on-year. This decline was greater than the drop in transaction volumes, suggesting that factors other than the overall market downturn may have contributed to the decrease in illicit activity. The data shows that only about 1 per cent of all money laundering is done through cryptocurrencies.