Nearly $100 billion in crypto has been laundered from illicit wallets to conversion services over the past five years, with the majority funneling into crypto exchanges. According to Chainalysis, 50% of these illicit funds find their way to centralized exchanges, facilitated through obfuscation methods like crypto mixers and blockchain bridges.
Despite regulatory pressures, the ease of converting cryptocurrency to fiat and high liquidity make exchanges attractive for illicit actors. Anti-money Laundering efforts have reduced illicit flows from a peak of $2 billion monthly to significantly lower levels, yet crypto remains a favored tool for laundering proceeds across various criminal activities in 2024.
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