- Decentralized Finance applications received over 17 percent of the $8.6 billion, up from 2 percent in 2020.
- The US fast-food chain's latest venture allowed customers to celebrate the Year of the Tiger in the Metaverse.
According to the most recent Chainalysis study, criminals who use cryptocurrencies have one purpose in sight: to transfer their "illegally obtained funds to a service where they will be kept away from authorities which they will later convert into fiats.
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According to the firm, with the industry's rapid rise in 2021, illegal practices using bitcoin and altcoins have expanded. In 2020, cybercriminals laundered $6.6 billion in virtual currency; by 2021, the figure had risen to $8.6 billion.
DeFi applications received more than 17% of the $8.6 billion, compared to 2% in 2020. As per the study, mining pools, high-risk exchanges, and mixers expanded significantly in value received via illegal addresses.
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These figures, according to Chainalysis, only include funds from "cryptocurrency-native crime," including darknet market sales or ransomware attacks.
"It's more challenging to quantify how much fiat money is converted into digital currency to be smuggled from other criminality, such as traditional drug trafficking." "However, we have heard anecdotal evidence that this is the case," the firm stated.
In the Metaverse, the American fast-food corporation teamed up with Humberto Leon, Co-Founder of the fashion label Opening Ceremony, to create a zodiac collection. The program will commemorate China's most important holiday, the Lunar New Year (February 1 to February 15).
Customers were able to celebrate the Year of the Tiger in the Metaverse thanks to the latest venture from the US fast-food chain. They will be able to view Humberto Leon's "unique collection of zodiac animal patterns." Customers can also get horoscope readings based on their birth date, which provide predictions for the coming year.
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Leon is a Chinese-Peruvian American whose multi-cultural identity informs his artistic perspective. According to him, McDonald's has "always been devoted to accepting and promoting the universality of all cultures."
"Beginning Lunar New Year with McDonald's in a way that reflects the Asian American community's ingenuity and innovation makes me happy to present a true statement of my identity and the factors that have formed it, to which I know many can relate," he added.
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As the Year of the Tiger symbolizes "bravery, strength, and confidence," Elizabeth Campbell, McDonald's Senior Director of Cultural Engagement, believes it is the right time for her company to investigate the Metaverse.
"We're thrilled to be able to commemorate the Lunar New Year through his artistic creations, and we hope our fans will join us in this fun and festive experience." – she went on.
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The fast-food business will work with Leon to produce a television commercial that will feature the designer's perspectives on adored Lunar New Year traditions.
