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New Study Finds Less Than 1% of Bitcoin Transactions To Exchanges Are Illicit


A new report that analyzes illicit transactions conducted on the blockchain has determined that less than 1% of all Bitcoin transactions are criminal in origin. Elliptic, a UK based cybersecurity firm specialized in creating tools to identify criminality associated with blockchain related transactions, has released a report analyzing the global Bitcoin market with a focus […]

A new report that analyzes illicit transactions conducted on the blockchain has determined that less than 1% of all Bitcoin transactions are criminal in origin.
Elliptic, a UK based cybersecurity firm specialized in creating tools to identify criminality associated with blockchain related transactions, has released a report analyzing the global Bitcoin market with a focus on money laundering.
The results somewhat surprisingly find that the much-hyped criminal elements involved in Bitcoin appear disproportionately small, amounting to less than 1% of all Bitcoin transactions. Another surprising fact discovered in the report was that illicit Bitcoin transactions were again disproportionately made to European sources.
The Report

Our new report with @FDD gives policymakers, regulators and law enforcement insight into how bitcoins from darknet markets, #Ransomware and other illicit sources are laundered: https://t.co/CCqNmZCdCq pic.twitter.com/EqFK5kcUhO
— elliptic (@elliptic) January 16, 2018

The research paper identifies the fraction of all transactions that consist of illicit payments here, emphasizing how the figure has fallen from just over 1% in 2013:
According to our study, the total percentage of identified ‘dirty bitcoins’ going into conversion services was relatively small. Only 0.61 percent of the money entering conversion services during the four years analyzed were verifiably …

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