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Another estimate from a known crypto skeptic puts an upper bound at 3% illegal activity.[1]

> For example, illegal transactions, scams and gambling together make up less than 3% of volume.

Either way this 0.12%-3% range doesn't begin to approach the ~6%-12% estimated illegal volume for USD.[2]

[1]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3942181

[2]: https://www.investopedia.com/articles/markets/032916/how-big...

Definitely depends on what you classify as illegal and how you count it. For example, if I count FTX ($9bn), UST ($18bn), and LUNA ($40bn) I'm already at 5% of the crypto market cap.

This is not what money laundering means. The origin of money that was deposited to FTX and Luna was not criminal original. There was nothing to launder here, as the source of funds was clean and proper.

Criminals prefer cash and real estate, so it is not a surprise.

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