Hi everyone,While criminal activity in the crypto world dropped ten-fold in 2020, incoming US Treasury secretary Janet Yellen incorrectly asserted that the burgeoning sector is mainly used for illicit financing.In reality, criminal behaviour is overwhelmingly apparent in traditional banking not in crypto, and such activity has been on the up since the 2008 financial crash.Meanwhile, Ethereum briefly broke its 2017 all time high as it gears to follow in bitcoin\u2019s footsteps. If history is a guide, there\u2019s more where that came from.Let\u2019s dig in.Following in the footsteps of her comrade at the ECB, soon-to-be US Treasury Secretary Janet Yellen said that cryptocurrencies are \u2018mainly used in illicit financing\u2019.This statement is unequivocally false.In fact, a report from Chainalysis revealed precisely the opposite, finding that illicit activity fell to 0.034% or $10 billion in transaction volumes, compared to 2019 when criminal activity represented 2.1% of transactions (roughly $21.4 billion).One reason for the decline is due to increased economic activity from 2019 to 2020. Still the overall crime-related economic activity is dropping, according to the firm.Indeed, scams comprised much less of transacted crypto volumes in 2020 than in 2019 \u2014 a famous scam being the Chinese PlusToken Ponzi scheme that took over $2 billion from millions of unsuspecting victims.Chainalysis revealed that 54% of crypto scams were made up of illicit activity followed by darknet markets, the second largest crime category accounting for $1.7 billion, up from $1.3 billion in 2019.According to the report, the \u201cbig story\u201d is ransomware, which has surged 311% from 2019, accruing illegally obtained funds of up to $350 million.Long story short, Janet Yellen is not just wrong, but dead wrong when she says that cryptocurrencies are \u2018mainly used in illicit financing\u2019. And while criminal activity exists and should be mitigated \u2014 as with every old and new technology \u2014\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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