Crypto Crime Down ‘Significantly’ This Year
Chainalysis, a blockchain analytics firm, has released its mid-year update on cryptocurrency-related crime, revealing some positive trends. While overall crypto crime is down by 65% compared to the same time in 2022, there is one area of concern: ransomware attacks are projected to grow in 2023, with attackers extorting an additional $175.8 million compared to last year. However, the report also highlights a significant drop in revenue for crypto scammers, with their earnings in 2023 being $3.3 billion less than in 2022. Here are the key points:
- Crypto crime is down 65% overall compared to 2022.
- Inflows to risky entities, such as mixers and high-risk exchanges, are down 42%.
- Inflows to illicit addresses have decreased across various categories.
- Ransomware attacks are the only type of crypto-related crime expected to grow in 2023.
- Crypto scammers have seen a significant drop in revenue, earning 77% less than in 2022.
In conclusion, while there is some good news with the decrease in overall crypto crime and reduced revenue for scammers, the rise in ransomware attacks is a cause for concern. It is important for crypto users to remain vigilant and take necessary precautions to protect their assets.
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