Markets
$100 Billion in Illicit Crypto Flows Flood Stablecoins and Exchanges
Suspicious digital wallets have distributed around $100 billion in illicit funds in the cryptocurrency market since 2019, flows that often affect popular individuals stable coins and centralized exchanges, according to Chain analysis.
Malicious actors are making record use of stablecoins, which now account for the majority of illicit transaction volume in crypto, Chainalysis said in a study. More than half of all questionable flows end up on centralized exchanges, it added. Stablecoin issuers Tether and Circle did not immediately return requests for comment.