Crypto money laundering skyrockets via decentralised finance route

Mark Battersby
clock • 3 min read

New research shows that decentralised finance (DeFi) protocols are becoming an increasingly significant route for money launderers, according to international law form Pinsent Masons in a briefing note on 4 February. Cybercriminals laundered $8.6bn worth of cryptocurrency in 2021, a figure that represents a 30% increase on the previous year. Centralised exchanges are still the favourite conduit for sending and receiving illicit cryptocurrency, receiving 47% of funds sent by addresses linked to crimes last year. But it is DeFi protocols that are experiencing the boom in money launderin...

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Mark Battersby
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Mark Battersby

Editor at International Investment