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Zain Raza
Jun 3, 2020
by Zain Raza

Finnish Crypto Exchanges Leaders in Receiving Illegal Crypto Funds

Finnish crypto exchanges
Finnish crypto exchanges account for almost 12% of all illegal crypto funds, the Scandinavian nation continues to lead the way and has claimed this nefarious title three years continuously. A data report from Cipheratrace suggests that out of the 12% illegal cryptocurrency transfers worldwide almost 99% of it happened on LocalBitcoins, the peer-to-peer marketplace. Russian exchanges take the second spot on the list.

Russian crypto exchanges account for a further 5.3% of criminal cryptocurrency dealings. The majority of these funds came from the Hydra darknet marketplace.

Most of the illegal money which make its way to crypto exchange in Russia comes from hydra marketplace, a dark web place. Russian exchanges while taking the second spot contributed to less than half of final and exchanges, around 5.3% 

The figures this year staggering and already $1.36 billion of crypto theft has occurred in the year. Last year numbers were reported $4.5 billion.Interestingly, almost $1 billion of this year's crypto loot has involved COVID-19 scammers, who duped people in the name of the pandemic.  Over 715,000 people have fallen prey to it. The scams, just like the coronavirus continues to grow and have even not spared top institutions like WHO.

Cipheratrace also highlights the growing use of bitcoin in cross border remittance payments. 74% of bitcoin which was traded from exchange to exchange were cross borders. Also, 88% of US bitcoin ATMs funds which were sent were abroad. The numbers continue to highlight growing bitcoin adoption across the various department.

Why Finnish Crypto Exchanges Get The Preference 

It is generally unknown why the crypto thieves prefer the Finnish crypto exchanges. One possible argument could be maybe loose AML regulations and these scammers have figured out a way to dodge it.  If crypto scams, especially in the name of coronavirus, don't slow down, the figured could well go past the $4.5 billion which was witnessed in 2019.

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    Finnish Crypto Exchanges Leaders in Receiving Illegal Crypto Funds
    Zain Raza
    Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

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