Chainalysis: Illegal cryptocurrency activities surge in countries under U.S. sanctions

ChainCatcher news, according to CoinDesk, a new report from Chainalysis indicates that illegal cryptocurrency activities in countries sanctioned by the U.S. have surged, receiving nearly $16 billion in digital assets last year, accounting for about 39% of illegal token transactions. 2024 is expected to be a year when these countries (especially Iran) surpass individuals in sanction-related activities.

The report states: "As Western restrictions tighten, sanctioned countries are turning to cryptocurrencies and alternative financial systems to sustain trade and access capital." Additionally, the cryptocurrency mixing platform Tornado Cash, which faced crackdowns from U.S. authorities in 2023, is still able to process hundreds of millions of dollars in cryptocurrency transactions each month by 2024, although it has not yet returned to pre-sanction levels.