In 2019, more than $ 11 billion was withdrawn from China through cryptocurrencies

In 2019, more than $ 11 billion was withdrawn from China through cryptocurrencies

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The outflow of capital from China through cryptocurrencies amounted to $ 11.4 billion over the past year, 8btc reports citing PeckShield’s report.

According to the researchers of a company specializing in blockchain security, $ 17.9 billion was withdrawn from the country through digital assets in 2018, and $ 10.1 billion a year earlier. The total figure over the past three years exceeded 1% of China’s foreign exchange reserves, which make up $ 3 trillion

However, in 2018 alone, the amount of foreign direct investment in the country reached $ 143 billion.

In addition to capital flight through cryptocurrencies, PeckShield specialists examined the damage from industrial security incidents and the volume of digital asset transactions on the darknet.

According to the report, the losses associated with 63 major security incidents last year approached $ 7.7 billion.

Researchers counted approximately 60 thousand sites on the darknet, about half of which are involved in illegal cryptocurrency transactions. Demand for the latter is growing – if in 2018 330,000 BTC fell into the dark network, then last year this amount amounted to 540,000 coins.

PeckShield experts also found that nearly 30,000 BTC were sent from the darknet to major exchanges during the year.

Recall that the Chinese authorities in recent months have tightened control over crypto trading. At least five bitcoin exchanges closed in the country, and one of them was arrested.

In 2019, more than $ 11 billion was withdrawn from China through cryptocurrencies

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