Illicit use of cryptocurrencies hit a record $20.1 billion last year as transactions involving companies targeted by U.S. sanctions skyrocketed, data from blockchain analytics firm Chainalysis showed on Thursday.
, which it said were being used by hackers, including from North Korea, to launder billions of dollars worth of proceeds from their cyber crimes.
"The market downturn may be one reason for this," Chainalysis said. "We've found in the past that crypto scams, for instance, take in less revenue during bear markets."
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