Reduction in Illicit Activity
In the latest Chainalysis 2024 Crypto Crime Report, there is a significant reduction in illicit cryptocurrency activity. The share of crypto transaction volume linked to illicit activities decreased from 0.42% in 2022 to 0.34% in 2023, with total value received by suspicious addresses declining to $24.2 billion in 2023.
Changing Asset Preferences
There has been a shift in asset preferences for cryptocurrency-based crime. Stablecoins have now emerged as the primary choice for illicit transactions, surpassing the prominence of Bitcoin. However, Bitcoin retains its stronghold in darknet market sales and ransomware extortion.
Setbacks for Crypto Scams
In 2023, crypto scamming and hacking revenue saw substantial downturns, with reductions of 29.2% and 54.3%, respectively. The adoption of romance scam tactics, coupled with broader market dynamics, played a role in this decline.
Ransomware and Darknet Markets Mark a Comeback
Contrary to the overall trend, ransomware and darknet markets exhibited revenue growth throughout 2023. The persistence of ransomware revenue suggests that attackers may adapt to improved cybersecurity measures, and darknet markets rebounded after a decline in 2022.
Sanctions Related Transactions Rule
Transactions associated with sanctioned entities and jurisdictions played a pivotal role in the crypto crime landscape, accounting for an impressive $14.9 billion, representing 61.5% of all illicit transaction volume.
Conclusion
The Crypto Crime Report reveals the latest trends within the crypto crime landscape, highlighting the ongoing shifts and developments in illicit activities. These insights are essential for shaping regulatory frameworks, enhancing security measures, and fostering a secure environment for all stakeholders.
Ensure to stay informed and stay safe!
Hot Take
Stay tuned for an in-depth analysis when Chainalysis releases the complete report, and get the needed insights to navigate the complex terrain of cryptocurrency-related crime.
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