Chainalysis estimated that illicit on-chain cryptocurrency transaction volume reached $20.1 billion in 2022, a record in its January 2023 report. The figure was a lower bound—not a census of every crime involving cryptocurrency—and sanctions-associated transactions accounted for 44% of the estimate.
What Chainalysis counted in its $20.1 billion estimate
The $20.1 billion figure is Chainalysis’s estimate of transaction volume it associated with illicit activity on cryptocurrency blockchains during 2022. It covers categories the company tracks, including scams, stolen funds, ransomware, darknet markets, sanctions, terrorism financing, human trafficking, child sexual abuse material, and cybercriminal administrators. That is Chainalysis’s classification framework, not a universal legal taxonomy. Chainalysis’s January 12, 2023 report describes the estimate and its methodology; CyberScoop’s coverage lists the categories.
This is transaction volume, not a measure of victims’ losses, criminal profits, or the total value of all crimes in which cryptocurrency played any role. Chainalysis based the estimate on on-chain intelligence. It said it did not count off-chain criminal activity whose proceeds might later have moved into crypto, and excluded transaction volumes connected to collapsed centralized services where it lacked off-chain insight. The company also noted that cases relating to those collapses were ongoing and that determinations of criminality should be left to the legal system.
Why sanctions made 2022 unusual
Chainalysis attributed 44% of the 2022 illicit-volume estimate to transactions associated with sanctioned entities. Much of that sanctions-related volume came from Garantex, a Russian exchange. The company said much of the activity was likely Russian users using a Russian exchange, while many compliance professionals treat transactions involving sanctioned services as illicit. An association with a sanctioned service does not, by itself, establish criminal intent by every person who transacted there.
#1 Best Overall
- Effortlessly build your crypto portfolio via the all in one Ledger Wallet app: buy, sell, send, receive, swap, stake and more across popular blockchains. 15,000+ coins & tokens in a single dashboard. Keep a close eye on the market. Compare service providers. Track performance. Get timely alerts. Build your portfolio with confidence.
- Effortlessly build your crypto portfolio via the all in one Ledger Wallet app: buy, sell, send, receive, swap, stake and more across popular blockchains. 15,000+ coins & tokens in a single dashboard. Keep a close eye on the market. Compare service providers. Track performance. Get timely alerts. Build your portfolio with confidence.
- Enjoy Bluetooth connectivity, iOS access, and hours of battery use with this mobile-first, secure backup signer. Freedom you can depend on.
- Genuine Check: confirm your signer is authentic during setup with the Ledger Wallet app.
- Protect your signer: keep it in mint condition at all times with a bespoke Pod or Case to avoid scratches and everyday wear and tear.
For businesses subject to U.S. jurisdiction, transactions associated with sanctioned services can carry significant compliance risk. Chainalysis reported that sanctions-related transaction volume increased 152,844% from 2021 to 2022; it left that figure out of its chart because the scale would make other categories difficult to read. The report’s historical context is that U.S. Treasury’s Office of Foreign Assets Control began sanctioning services more forcefully during this period. CyberScoop reported comments from Chainalysis research head Kim Grauer on that shift.
How the estimate compares with 2021
The absolute estimated volume and the share of all cryptocurrency activity tell different parts of the story. Chainalysis said total transaction volume fell amid the market downturn, while estimated illicit volume grew slightly; as a result, the illicit share rose. Its revised 2021 figures also show why year-to-year comparisons should use the latest estimate rather than an older headline.
Rank #2
- Proven security at scale: Over 9 years and millions of cards issued with no known remote hacks, while military‑grade EAL6+ security keeps your private keys locked inside the chip. Your cryptocurrencies stay strongly protected from online attackers.
- Tap once to manage your entire crypto wallet across 90 blockchains - no USB cables or Bluetooth, no batteries, no setup. Access 14,100+ coins & tokens, DeFi, NFTs, and staking instantly from your phone
- Smart backup: Use your second Tangem Wallet as your Backup keys with end‑to‑end encryption; no more papers, pictures. If one card is lost, the remaining can still restore full access, with an optional seed phrase available for advanced users.
- Engineered to last up to 25 years: Waterproof (IP69K), shockproof and tested for extreme temperatures from −25°C to 50°C. A durable cold wallet with long‑term protection and independently audited security.
- Trusted by 6 million users worldwide (4.9 App Store, 4.8 Google Play) - buy, sell, swap, stake, and spend cryptocurrency directly. The secure offline storage wallet designed for how people actually use crypto wallets
| Measure | 2021 | 2022 |
|---|---|---|
| Estimated illicit transaction volume | $18 billion, revised by Chainalysis in 2023 from its earlier $14 billion estimate | $20.1 billion, Chainalysis’s 2023 lower-bound estimate |
| Estimated illicit share of all cryptocurrency activity | 0.12%, revised by Chainalysis in 2023 from 0.15% | 0.24% |
The revised 2021 dollar figure rose mostly because Chainalysis identified additional crypto scams. Its estimate of total cryptocurrency activity also increased as its support for additional blockchains matured, which lowered the revised illicit share from 0.15% to 0.12%. Chainalysis said 2022 was the first year since 2019 in which the illicit share increased.
What changed across crime categories
Not every category rose with sanctions-related activity. Chainalysis reported that volume fell in conventional crime categories apart from stolen funds, which increased 7% year over year in 2022. The market downturn may have contributed to lower scam revenue. In remarks reported by CyberScoop, Grauer said, “Scamming is down. Dark net market activity is down. Ransomware is down,” describing trends in those categories rather than the overall illicit-volume estimate.
Rank #3
- Proven security at scale: Over 9 years and millions of cards issued with no known remote hacks, while military‑grade EAL6+ security keeps your private keys locked inside the chip. Your cryptocurrencies stay strongly protected from online attackers.
- Tap once to manage your entire crypto wallet across 90 blockchains - no USB cables or Bluetooth, no batteries, no setup. Access 14,100+ coins & tokens, DeFi, NFTs, and staking instantly from your phone
- Smart backup: Use your second Tangem Wallet as your Backup keys with end‑to‑end encryption; no more papers, pictures. If one card is lost, the remaining can still restore full access, with an optional seed phrase available for advanced users.
- Engineered to last up to 25 years: Waterproof (IP69K), shockproof and tested for extreme temperatures from −25°C to 50°C. A durable cold wallet with long‑term protection and independently audited security.
- Trusted by 6 million users worldwide - buy, sell, swap, stake, and spend cryptocurrency directly. The secure offline storage wallet designed for how people actually use crypto wallets
Why the $20.1 billion figure can change
Chainalysis explicitly called the estimate a lower bound because its measure can grow as it identifies new addresses linked to illicit activity. Its revision of 2021—from $14 billion to $18 billion—demonstrates that historical totals are not fixed. Additional address attribution can increase estimated illicit volume, while broader blockchain coverage can increase the total-activity denominator and change the estimated illicit share.
The result should therefore be read as Chainalysis’s estimate based on the on-chain activity it could identify and classify for that report, not as an independently validated count or a comprehensive global measure of crypto crime. Its scope excludes some off-chain criminal activity and some transaction volumes related to collapsed centralized services, and its association-based classifications do not prove intent in every individual transaction.
Quick Recap
Best Value
- Dual-chip architecture for maximum protection: The next-gen, fully auditable TROPIC01 chip works alongside a certified EAL6+ Secure Element—completely NDA-free—to deliver radically transparent, industry-leading defense against physical attacks.
- Quantum-ready security: Get protection against future threats with the first-ever hardware wallet designed with quantum-ready architecture.
- See every detail with confidence: Our largest high-resolution color touchscreen makes it easy to navigate your assets, review transactions and manage your coins with clarity.
- Wireless freedom with encrypted Bluetooth control: Manage, buy, swap and stake securely using Trezor Suite on desktop or mobile. Qi2-compatible wireless charging keeps your Trezor powered up. No cables required—security meets convenience.
- Works seamlessly with Android, iOS and desktop: Connect wirelessly or via USB-C to your phone or computer. Manage your crypto anywhere with our companion Trezor Suite app.
Rank #4
- EAL5+ CERTIFIED SECURE ELEMENT + FINGERPRINT PROTECTION — Your private keys stay encrypted offline on a certified EAL5+ chip, the same security tier used in EMV bank cards. Built by DCENT, securing crypto since 2018. Fingerprint authentication adds a second layer no PIN-only wallet can match.
- 10,000+ ASSETS NATIVE ON 100+ BLOCKCHAINS — Hold Bitcoin, Ethereum, XRP, Solana, Cardano, popular stablecoins (USDT, USDC), and NFTs in one wallet. No third-party apps, no fragmented setup — every supported asset works straight out of the box.
- TAP-TO-SIGN MOBILE EXPERIENCE — Pair your wallet with the DCENT mobile app over Bluetooth. Manage tokens, review transactions, and access in-app swap features directly from your phone — no cables, no desktop required.
- WEB3 & dAPP ACCESS VIA METAMASK — Connect to MetaMask and other browser extension wallets to manage NFTs, claim airdrops, and access dApps. A large screen and intuitive 4-button interface keep every transaction clearly visible before you sign.
- SEAMLESS FIRMWARE UPDATES & 30-DAY MONEY-BACK GUARANTEE — Apply security updates without resetting your wallet or migrating funds. Backed by Amazon's 30-day money-back guarantee — your purchase is risk-free.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
