Partner Jeffrey Alberts comments on new information from Chainalysis Inc. that details 2021 cryptocurrency crime data. According to the Wall Street Journal, "The volume of cryptocurrency transactions grew to $15.8 trillion in 2021, up 567% from 2020, in a sign that the trading of digital assets is becoming increasingly mainstream. Illicit transactions totaled $14 billion in 2021, up 79% from $7.8 billion the previous year. But illicit transactions only made up 0.15% of cryptocurrency transaction volume in 2021."
Alberts his shared considerations with the Journal. According to the WSJ:
Chainalysis's report is valuable but has its limitations, said Jeffrey Alberts, a partner at law firm Pryor Cashman LLP with a focus on financial technology. For instance, he said the data doesn't capture all the illicit transactions but only those crypto addresses Chainalysis has associated with illicit activity and might exclude those addresses Chainalysis doesn't know belong to known criminals.
"All of this said, it is clear that there was a massive increase in valid activity involving cryptocurrency in 2021," he said, adding that the trend is likely to continue this year.
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