Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.
Crypto criminals may not be the only ones trying to hide their illicit fund movements across blockchains. According to analytics company Chainalysis, traditional money launderers – criminals working outside crypto – may be moving their cash on-chain too.
These transfers don't originate from the crypto scams, thefts and ransomware attacks that Chainalysis is famous for flagging on the blockchain, the transparent digital ledger of all crypto transactions. Their software and labeling systems help crypto exchanges and other entities avoid accepting funds from criminal activity and assist government investigators in tracking suspects down.
Grauer said most on-chain investigators won't be surprised that this kind of thing has been a potential trouble spot for years. Still, she said the July report is Chainalysis' first attempt to document how big the trend is across the entire blockchain. The company found it was orders of magnitude larger than even the known illicit transaction base.
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