This European Region Sees Highest Crypto Illicit Activities After Africa: Chainalysis

Published by
This European Region Sees Highest Crypto Illicit Activities After Africa: Chainalysis

Chainalysis, the crypto data analytic firm released a preview of its 2021 Geography of Cryptocurrency report which is scheduled to release later this year. The preview blog focused on the use of cryptocurrencies for illicit activities and which countries and regions see the most of it. Africa topped the list of regions that see the highest exposure to illicit addresses followed by Eastern Europe.

Source: Chainalysis

Eastern Europe has a much larger crypto-economy when compared to Latin America and Africa. The report highlighted that Eastern Europe is the only region where for $400 million in crypto transactions 0.5% of the total transactions were believed to be towards illicit addresses.

Western Europe tops the list in terms of crypto-assets sent to illicit addresses followed by Eastern Europe and North America. The following graph also highlights that the Western European regions fall most prey to scams as the highest percentage of funds sent out to illicit addresses comprises of scams followed by darknet addresses.

Source: Chainalysis

The graph also highlighted that Eastern Europe saw the highest share of funds sent to darknet addresses which could be because of the popularity of Hydra, the biggest darknet marketplace active in Eastern Europe and Russia.

Advertisement

Ukraine Tops the Country List With Highest Traffic on Scam Addresses

Ukraine topped the list of countries in terms of web traffic share on cryptocurrency scam web addresses, indicating more people from the country visited scam websites than anyone else.

Source: Chainalysis

Chainalysis has proven to be one of the top cryptocurrency analytic firms over the years as demand for blockchain analytics has skyrocketed over the past few years. The crypto analytic firm has seen huge demand from enterprises and law enforcing agencies alike and has raised two multi-million rounds to see its valuation grown into billions, making it a member of the fastly growing crypto unicorn club.

Although the analysis indicates the growth in illicit activities around the globe, it is also important to note that the biggest percentage share of illicit activity is 0.5% of the total value. This suggests like any other sector crypto ecosystem is prone to illicit activities, but it is very low.

Advertisement

Share
Prashant Jha

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Trump-Backed World Liberty (WLFI) Plans RWA Tokenization Paired with USD1 Stablecoin

Trump Family's World Liberty Financial has unveiled big real-world asset (RWA) tokenization plans on Wednesday,…

October 1, 2025
  • 24/7 Cryptocurrency News

Stripe Eyes U.S. Banking Charter, Pioneers One-Click Stablecoin Issuance for Firms

Fintech giant Stripe has unveiled a suite of tools to enable businesses to tap into…

October 1, 2025
  • 24/7 Cryptocurrency News

Breaking: Metaplanet Expands Treasury With 5,268 BTC Purchase, Climbs to 4th Largest Holder

Metaplanet has expanded its Bitcoin portfolio with another purchase. The Tokyo-listed firm is now the…

October 1, 2025
  • Bitcoin News

BREAKING: Nasdaq Files with US SEC to List BlackRock Bitcoin Premium Income ETF

Nasdaq has officially filed to list and trade BlackRock iShares Bitcoin Premium Income ETF with…

October 1, 2025
  • 24/7 Cryptocurrency News

Mr Beast, Whales Buy ASTER Token Amid 20% Crash, What’s Next?

While the ASTER token has crashed 20% in the last 24 hours, to test the…

October 1, 2025
  • 24/7 Cryptocurrency News

Breaking: U.S. Government Shuts Down After Congress Fails to Pass Funding Bill

The U.S government has entered its first shutdown since 2019 after lawmakers failed to reach…

October 1, 2025