Chainalysis has disputed Binance's recent analysis of illicit crypto funds, stating that Binance's assessment only considered direct exposure and omitted major sources of illegal funds such as ransomware and hacking. Additionally, it did not account for indirect flows through 'hop wallets.' Binance had previously claimed that illicit funds constituted only 0.018% to 0.023% of its transactions, based on an analysis using data from Chainalysis and TRM Labs. TRM Labs clarified that the data used was a custom dataset for Binance, not part of any public report.