Chainalysis Reports Less Than 1% Of On-Chain Value Linked To Illegal Activities

According to Foresight News, blockchain analytics firm Chainalysis has revealed that despite the significant dollar value associated with crypto crimes, the proportion remains relatively small. Eric Jardines, the head of research at Chainalysis, stated that less than 1% of on-chain value is linked to illegal activities. However, there is a growing trend in the use of cryptocurrencies for various illicit purposes, including child exploitation materials and other cybercrime tools. Fraud remains the largest component of these criminal activities, with scams such as 'pig butchering' being particularly prevalent.