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Crimes Involving Cryptocurrencies Fall By Half To $10 Billion, India ranks high on illicit darknet activity

India is the 9th largest market for darknet-based illicit cryptocurrency activity with over $42 million worth of trades taking place on the dark web using cryptocurrencies in 2020, according to a report by Chainalysis, a New York-based blockchain analysis company. Globally, the total value of cryptocurrency related crime has reduced by half as illicit entities conducted around $10 billion worth of crypto-transactions compared to $21.4 billion in the previous year, the report said. With increasing regulations around the world on cryptocurrency trading, mining and investments, the quantum of illegal activity using decentralised currencies is falling. This is the clearest example of how regulations can mitigate risks that have traditionally been associated with cryptocurrencies. Particularly, that it can be used for the sale and distribution of narcotics, terrorism financing, money laundering and other activities. However, According to Chainalysis, "crypto-currency remains appealing for criminals, primarily due to its pseudonymous nature and the ease with which it allows users to instantly send funds anywhere in the world, despite its transparent and traceable design." Since the use of cryptocurrencies for illegal activities is only 0.34% of the total market, the proportion of illicit funds being moved through crypto-networks is much smaller than in traditional financial networks which still dominate much of the worlds' financial system, the report added. Breaking down crypto crimes According to the report, crypto scams, darknet markets and ransomware accounted for most of the illegal crypto activity in 2020. While crypto-scams accounted for 54% or $2.6 billion of cryptocurrency crimes in…

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