Only 1% of cryptocurrency transactions related to illegal operations

The recent report shows that cryptocurrency becomes less popular with criminals.
Bitcoin and major altcoins are gaining ground after a move above key technical levels.

Tanya Abrosimova Independent Analyst

Only one 1% of all cryptocurrency transactions are related to illegal activities according to the recent research performed by Chainalysis. The experts found out that an aggregated amount of cryptocurrency transactions reached $1 trillion, while the number of cryptocurrency users has been growing steadily through 2019.

Also, the experts noted the decreased usage of digital assets in illegal transactions. Currently, the industry looks much healthier than within the first years of its existence, where the lion's share of activity took place on darknet marketplaces. Now cryptocurrency users mostly prefer to deal with legal trading platforms.

However, the other side of this development is the vulnerability of centralized cryptocurrency exchanges. The trading platforms often fall victims of hack attacks and security breaches. As a result, the trading platforms have been paying special attention to security features, Chainanalysis reports.

Hack attacks and coin theft is often regarded as a key barrier on the way to cryptocurrency mass adoption, while global governments and regulators cite money-laundering and illegal operations as key concerns about cryptocurrency usage.

At the time of writing, Bitcoin and all major altcoins are in a green zone. BTC/USD is changing hands at $9,158, while ETH/USD is getting close to $140.00.

Author

Tanya Abrosimova

Independent Analyst

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