On July 16th, a report by Chainalysis stated that money launderers use cryptocurrencies to mask the origin and flow of illicit funds, using methods such as crypto mixers, cross-chain bridges, and wallet "conversions" to hide the flow of funds. Since 2019, nearly $100 billion of funds have been transferred from known illegal wallets to conversion services, with a peak of $30 billion in 2022. Nonetheless, Chainalysis noted that cryptocurrency money laundering activities can still be traced and analyzed due to the transparency of blockchain. This type of money laundering is expected to become more prevalent as the global acceptance of cryptocurrencies increases.