Two narratives are recently unfolding in the crypto sphere. On one front, a recent report by Chainalysis unveils a promising decline in crypto laundering activities, marking a significant step forward in ensuring the integrity of digital transactions. Simultaneously, another story is gaining momentum—the meteoric rise of one of the best ICOs, Galaxy Fox, and the growing popularity of its presale.
Let’s take a more detailed look at these two stories.
Crypto laundering drops as per Chainalysis
Chainalysis reveals that in 2023, the total value of laundered funds through cryptocurrencies amounted to $22.2 billion, a notable decrease from the $31.5 billion recorded in 2022.
What’s intriguing is that this decline outpaced the reduction in overall transaction volumes, indicating a multifaceted approach to tackling illicit financial activities within the crypto sphere.
Factors behind the decline
Several factors contributed to this decline. First is the overall decrease in crypto trading volume. Additionally, the emergence of sophisticated threat actors, such as the Lazarus Group, has forced regulatory bodies and security firms to bolster their efforts in combating illicit activities.
These threat actors have been adapting their strategies to evade detection, utilizing techniques like blockchain bridges and gambling services for money laundering purposes.
Rise of DeFi and transparency
Interestingly, the report notes a shift in the destination of illicit funds towards decentralized finance (DeFi) protocols. However, despite this trend, DeFi’s inherent transparency poses challenges for criminals attempting to obfuscate the movement of funds.
The transparency of blockchain technology has enabled authorities to trace and shut down illicit crypto accounts, as evidenced by actions against groups like Hamas.
Galaxy Fox: a rising star in crypto investment
The decline in crypto laundering is a positive development for the industry, and now investors are also turning their attention to promising opportunities within the ICOs space. One such opportunity that has garnered significant attention is the Galaxy Fox presale.
Galaxy Fox has emerged as a frontrunner among meme coins, with market analysts predicting it to be the top gainer in 2024. This anticipation has fueled a surge in interest among investors, leading to a highly successful…
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