Around 2-6% of World Bank foreign aid got siphoned into crypto wallets

A recent study found that approximately 2-6% of World Bank foreign aid was diverted into cryptocurrency wallets, according to a National Bureau of Economic Research (NBER) paper. The research analyzed data from 2014 to 2021 and identified 10,000 suspicious transactions totaling $1.2 billion. The study suggests that the diversion of funds was likely due to organized crime and money laundering schemes. The World Bank has acknowledged the issue, but it is unclear how widespread the problem is or how it will be addressed.