Binance Report Reveals $75 Billion in Illicit Blockchain Funds

The cryptocurrency market has been plagued by hacking incidents, resulting in billions of dollars' worth of stolen funds. A recent report by Binance Research sheds light on the issue, stating that illicit funds on the blockchain have exceeded $75 billion.

This figure accounts for less than 1% of the total volume but highlights the significant impact of these transactions. The analysts reported a steady increase in illicit funds since 2016, with an annual growth rate of 28% projected for 2025.

The report emphasizes the effectiveness of Know Your Transaction (KYT) and Know Your Customer (KYC) phases in blocking the conversion of these funds to cash. However, despite attempts to obscure their origin, the blockchain's record-keeping feature allows these assets to be tracked step by step.