TechFlow reports, according to a new Chainalysis report, $24.2 billion in illicit cryptocurrency was transferred in 2023. Chainalysis noted that a significant portion of these funds was attributed to sanctioned entities or those linked to terrorism, accounting for approximately 61.5% of the total illicit transaction volume in 2023.
"Sanctioned actors are often cut off from the traditional international financial system, and cryptocurrency can serve as an alternative mechanism for storing, sending, and receiving funds," said Andrew Fierman, Chainalysis' Director of Sanctions Strategy.
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