Security News > 2020 > June > Cybercriminals garnered $1.4B from cryptocurrency crimes in spring 2020
In the first five months of 2020, cryptocurrency crimes have totaled $1.4 billion, indicating that the year 2020 could see the second-highest value in cryptocurrency crimes, outside 2019's whopping $4.5 billion, a CipherTrace report found.
The Spring 2020 Cryptocurrency Anti-Money Laundering and Crime report assessed the different tactics cybercriminals are using to commit cryptocurrency offenses.
This trend marks a three-year low for cryptocurrency exchanges worldwide; only an average of 0.17% of funds received by exchanges in 2019 came directly from criminal sources, the report found.
With more crypto AML regulations being implemented across the world, criminals are having more difficulty offloading illicit funds directly ro cryptocurrency exchanges, which is the most popular crypto-to-fiat offramp, according to the report.
While only 9.8% of the dark market's one-hop interaction went directly to exchanges, some 30.7% of its two-hop interactions went to exchanges, which more than tripled the risk exposure to exchanges, the report found.