Crypto is currently one of the most popular ways to investing money but sometimes people are not knowing about which cryptocurrency is legit and which is not. Today, the scammers are doing more scams like this, one report says the Chinese cryptocurrency addresses sent around more than $2.2 billion worth of digital tokens to addresses tied to illegal activity such as scams and darknet operations between April 2019 and June 2021.
This whole crypto racket addresses collected around $2 billion in cryptocurrency from illicit sources as well, making China the largest player in digital-currency related crime, it added. Still, China's transaction volume with illegal addresses has plummeted drastically over the two years in terms of absolute value and relative to other countries, Chainalysis said.
The largest reason is the dearth of large-scale systems kind of 2019 scam affecting crypto wallet and exchange PlusToken that originated in China and Users lost an estimated around $3 to $4 billion from the PlusToken scam.
China has the largest market the cryptocurrency, although the majority of China's illegal crypto movements has been related to scams, the Chainalysis report said.
The report says, This whole Chinese cryptocurrency scam is sent billions of dollars worth of crypto to the darknet and all crypto transactions are involved in some illegal activities.
Money laundering is another notable form of crypto-based crime disproportionately carried out in China and Most crypto scams involve mainstream digital currency exchanges, China appears to be taking action against businesses and individuals facilitating this activity, the Chainalysis report said.
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