A Mere 0.08% of Crypto Transactions are Associated With Illegal Activity

• Chainalysis found that despite a surge of darknet crypto activity in 2019, illicit activity only accounts for a measly 0.08% of all crypto transactions

Chainalysis performed a study which found that crypto activity connected to darknet markets surged 70% in 2019 to USD 790 million. However, despite this surge illicit crypto transactions only accounted for 0.08% of all crypto transactions. Equivalently, 99.92% of all crypto transactions in 2019 were above board and associated with legitimate financial activity.

This study includes all of the major cryptocurrencies, so it shows that criminal activity is relatively low in the entire crypto space, not just for Bitcoin. The exception is that privacy coins like Monero, Dash, and Zcash are not included in this study, since privacy coin flows cannot be analyzed due to their anonymous nature, although Chainalysis finds that only 1 out of 49 darknet markets accepts Monero.

Thus, the rumors and allegations over the years that Bitcoin and the crypto space are a hotspot for criminals and terrorists can be put to rest. This data from Chainalysis clearly demonstrates that Bitcoin and other major cryptocurrencies are by far dominated by legitimate business activity.

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