Crypto Money Laundering: Four Exchange Deposit Addresses Received Over $1 Billion in Illicit Funds in 2022

January 27, 2023

More illicit funds were sent to DeFi protocols than ever before, a continuation of a trend that began in 2020. Mixers processed a total of $7.8 billion in 2022, 24% of which came from illicit addresses, whereas in 2021, they processed $11.5 billion, only 10% of which came from illicit addresses. In the graph below, we look at all off-ramp service deposit addresses that received any illicit funds in 2022, bucketed by the range in value of illicit funds received. The graph shows that most cryptocurrency money laundering is facilitated by a very small group of people. Four deposit addresses cracked $100 million in illicit cryptocurrency received in 2022, and combined received just over $1.0 billion, while the 1.2 million deposit addresses receiving under $100 in illicit funds account for $38 million in total.