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Billions in Crypto Tied to Crime Has Flowed Into China Since 2019: Report

News Snapshot:

China still has one of the biggest cryptocurrency user bases in the world—second only to the U.S.—but billions of dollars of digital assets are being used for crime, according to a new report. Between April 2019 and June 2021, Chinese addresses sent over $2.2 billion-worth of crypto to addresses associated with illicit activity, blockchain data company Chainalysis said in a Tuesday report, “Cryptocurrency and China.” And in that time Chinese crypto addresses have also received over $2 billion in dirty digital money, according to Chainalysis. The illicit activity includes scams and “darknet market operations”—such as the trafficking of the opioid…

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