Quoting: [1] Notes on our illicit transaction volume chart: These are lower bound estimates that will likely rise over time as additional illicit activity is

Quoting: [1] Notes on our illicit transaction volume chart: These are lower bound estimates that will likely rise over time as additional illicit activity is discovered. This does not include off-chain criminal activity where proceeds may have been moved into crypto for laundering, though that activity can still be traced. This does not include volumes associated with centralized services that collapsed in 2022, some of which are facing charges of fraud, given lack of off-chain insights. Funds received by sanctioned entity Garantex accounts for much of 2022’s illicit volume. While most of that activity is likely Russian users using a Russian exchange, most compliance professionals treat this as illicit activity.