Crypto criminals are becoming crypto whales

Feb 19, 2022

The biggest hodlers are crypto criminals who steal funds from crypto businesses. Holdling entails amassing large amounts of cryptocurrency without selling it, thereby establishing them as crypto whales with over $1 million in cryptocurrency in their wallets.

Crypto criminals account for roughly 4% of all whales in the industry.

According to Chainalysis, 83% of all crypto holdings are alleged to be stolen funds, amounting to $9.8 billion in 2021.

The users were hence identified as whales who received 10-25% of crypto funds from illicit addresses, amounting to a holding of $25 billion in crypto tokens.

As per criminal cryptocurrency balances, the Dark Web markets contributed $448 million through 2021, followed by $192 million from scams, $66 million from organised fraud and $30 million from ransomware.

Iranian hackers were the biggest contributors to ransomware activity in 2020. In 2021, the top contributors of criminal whales accounted for 38% of the dark web marketplaces.4% amounted to scams and stolen funds from the $25 billion figure.

On February 8, the United States Department of Justice announced the recovery of $3.6 billion in cryptocurrencies.