Since 2019, cryptocurrency exchanges have received nearly $100 billion worth of crypto from illicit addresses, with nearly 30% ending up at sanctioned services like Russia’s Garantex, according to Chainalysis. This highlights a growing lack of international cooperation on anti-money laundering measures.
The highest amount was recorded in 2022, with $30 billion of “dirty crypto” interacting with sanctioned services. An increasing portion of these illicit funds is now in stablecoins, which account for most of the transaction volume.
Tether, the largest stablecoin issuer, has frozen around 1,600 addresses with $1.5 billion in USDT. Stablecoins have become a tool for sanction evaders, with Russia and Venezuela using them for cross-border transactions amid tightening U.S. sanctions.
This trend underlines the strategic importance of enhancing global cooperation to combat financial crime in the cryptocurrency space.
