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$100B of Illicit Cryptocurrency Flows Overwhelm Stablecoins, Exchanges
Since 2019, suspicious digital wallets have distributed approximately $100 billion in illicit funds into the cryptocurrency market, flows that often touch popular markets stablecoins and centralized exchanges, according to Catenalysis.
Bad actors are making record use of stablecoins, which now account for the majority of illicit cryptocurrency transaction volume, 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 respond to requests for comment.