Money Laundering Picks Up Steam on DeFi Protocols: Chainalysis

Money Laundering Picks Up Steam on DeFi Protocols: Chainalysis
Money laundering through decentralized finance (DeFi) protocols is gaining popularity with cybercriminals, according to new research from blockchain analytics firm Chainalysis.Cybercriminals laundered at least $8.6 billion in cryptocurrency in 2021, the firm said in research published Wednesday – a 30% jump in money laundering activity from 2020. Decentralized protocols received 17% of crypto sent by illicit addresses last year, up from a mere 2% in 2020.And DeFi is not the only crypto-related money laundering method on the rise: Mining pools, high-risk exchanges and mixers also received an increased amount of crypto from wallets tied to criminal activity last year. However,…