Odaily Planet Daily News Chainalysis's report pointed out that money launderers use cryptocurrencies to cover up the source and flow of illegal funds. Cryptocurrency has become a money laundering tool for offline crimes such as drug trafficking and fraud because of its cross-border, instant and low transaction costs. Bitcoin's value has risen by nearly 55% this year. Money launderers use methods such as crypto mixers, cross-chain bridges, and wallet "conversions" to hide the flow of funds. Since 2019, nearly $100 billion in funds have been transferred from known illegal wallets to conversion services, with a peak of $30 billion in 2022. Despite this, Chainalysis pointed out that due to the transparency of the blockchain, cryptocurrency money laundering activities can still be tracked and analyzed. As global acceptance of cryptocurrencies increases, such money laundering is expected to become more common.