A new study has linked $188 billion in “risky funds” to cryptocurrency exchanges around the world.

Global Ledger says that it has identified $187.75 billion U.S. in risky money across 99 crypto exchanges, with 10 platforms accounting for 90% of the flagged capital.

The blockchain analytics company says that it examined $36.28 trillion U.S. in deposits on crypto exchanges between 2021 and 2025.

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It also looked at withdrawals involving Bitcoin (CRYPTO: $BTC), Ethereum (CRYPTO: $ETH), and other digital assets, for its new “High-Risk Benchmark” report.

Its analysis identified high risk…