By Gertrude Chavez-Dreyfuss<\/p>\n

NEW YORK, Aug 3 (Reuters) – Chinese cryptocurrency addresses sent more than $2.2 billion worth of digital tokens to addresses tied to illegal activity such as scams and darknet market<\/a> operations between April 2019 and June 2021, according to a report from blockchain data platform Chainalysis released on Tuesday.<\/p>\n

These addresses received $2 billion in cryptocurrency from illicit sources as well, making China a large player in digital-currency related crime, it added.The report analyzes China’s cryptocurrency activity amid government crackdowns.<\/p>\n

However, dark market list<\/a> China’s transaction volume with illicit addresses has fallen drastically over the two-year period in terms of absolute value and relative to other countries, Chainalysis said.The big reason is the absence of large-scale Ponzi schemes such as the 2019 scam involving crypto wallet and exchange PlusToken that originated in China, dark markets 2024<\/a> darknet market<\/a> it noted.<\/p>\n

Users and darknet market list<\/a> customers lost an estimated $3 billion to $4 billion from the PlusToken scam.<\/p>\n

The vast majority of China’s illegal fund movements in crypto has been related to scams, although that has declined as well, the Chainalysis report said.<\/p>\n

\u00abThis is most likely because of both the awareness raised by PlusToken, as well as the crackdowns in the area,\u00bb said Gurvais Grigg, dark web market links<\/a> global public sector chief technology officer at Chainalysis, dark markets 2024<\/a> web sites in an email to Reuters.<\/p>\n

The report also cited trafficking out of China in fentanyl, a very potent narcotic pain medication prescribed for severe pain or pain after surgery.<\/p>\n

Chainalysis described China as the hub of the global fentanyl trade, with many Chinese producers of the drug using cryptocurrency to carry out transactions.<\/p>\n

Money laundering is another notable form of crypto-based crime disproportionately carried out in China, Chainalysis said.<\/p>\n

Most cryptocurrency-based money laundering involves mainstream digital currency exchanges, often through over-the-counter desks whose businesses are built on top of these platforms.<\/p>\n

Chainalysis noted that China appears to be taking action against businesses and individuals facilitating this activity.<\/p>\n

<\/p>\n

It cited Zhao Dong, founder of several Chinese OTC businesses, pleading guilty in May to money laundering charges after being arrested last year.(Reporting by Gertrude Chavez-Dreyfuss; Editing by Richard Chang)<\/p>\n<\/div>\n

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