Despite the Covid-19 pandemic, 2020 was an incredible year for crypto assets. Largely driven by the increased demand from institutional investors, Bitcoin shattered its previous price records. However, its pseudonymous nature and the ease with which it allows users to instantly send funds anywhere in the world makes crypto assets appealing to criminals.

In February the blockchain analysis company Chainalysis released their annual crypto crime report summarising the main trends from 2020. Surprisingly, despite its increase in popularity, crypto asset related crime fell significantly in 2020 compared to 2019. This fall is likely due in part to the PlusToken scam uncovered in 2019, which took in over $2 billion from millions of victims, making it one of the largest Ponzi schemes in history.

According to Chainalysis, in 2020, just 0.34% of all crypto asset movement related to illicit activity. That might sound low, however it still…

Read full article at scamguards.org

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