According to Chainalysis Blockchain data, the crypto market has more recorded Whales with a hefty amount of assets present in the crypto market, per the Blockchain statistics. These crypto whales are reported to have acquired their assets through various incriminating sources likewise the cryptocurrency whales hold in their wallet is a sum of multiple tokens, Techbooky writes.
Chainalysis have reportedly published credible update useful to the likes of cybersecurity agency, government agencies, financial institutions, foreign exchange agents, insurance companies, etc. The cryptocurrency investigation software revealed that digital wallets are absolutely private and secured in line with their decentralized nature.
Chainalysis revealed over 3.7% of cryptocurrency whales are dominated by criminals — a crypto whale is expected to have the least million dollars worth of digital currency in their wallet. For contrast, the 3.7% criminal whales the cryptocurrency investigator revealed is equivalent to 4,068 criminal whales stationed around the world holding more than $25bn worth of the digital coin.
Chainalysis also revealed 10% of the funds networked through the crypto market are derived from incriminating addresses that sprung up illegal whales assets by 266.67% within a two-year timeline. Criminal whales had a $3bn total valuations as of 2020 which increased to $11bn a year later. The cryptocurrency investigator statistics revealed they discovered 93% of illegal cryptocurrency transaction was wired from illegal wallets.
These criminals are either categorized as scammers, ransomware, dark web marketplace, fraud shops, etc. In 2021, Chainalysis revealed the enlisted criminals have increased their crypto valuation to $9.8m — the dark web market contributed the most valuable at $448m seconded by scams with $192m crypto asset.
The criminal whale lost a fraction of its assets to the DoJ in the wake of February 2022. The Caucasian law enforcement agency seized over $4bn worth of bitcoin — criminals have reportedly transacted with the flagship token and the DoJ retrieved the loots. The criminal whale balance is currently placed at $5bn after the DoJ retrieved the loot of 2016 — the unforgettable Bitfinex hack.
“The ability to efficiently track criminal whales and quantify their holdings from one public data set is a major difference between cryptocurrency-based crime and fiat-based crime. In fiat, the highest net worth criminals have murky networks of foreign banks and shell corporations to obfuscate their holdings.”
Chainalysis revealed cryptocurrency and its Blockchain network function as a pair whereby all transactions are visible on the Blockchain as a digital ledger. “Investigation of criminal whales represents a significant opportunity for government agencies around the world to continue their string of successful seizures, and bring to justice the biggest beneficiaries of cryptocurrency-based crime.”
The dark web market has reportedly held illegal digital assets longer than any other criminals in the crypto market. Chainalysis said the wallets with stolen finds tend to liquidate faster than the dark web assets that have a firm grip.
For contrast, the cryptocurrency investigator had to go in-depth with their research using time zone analysis to pinpoint the exact location criminals are funding their wallet from — Africa is seconded as the most region that harbours criminal whales which leaves Asia with the highest record.