Over the previous six years, there was a big decline in Bitcoin’s share of prison crypto transactions, based on TRM Labs’ Illicit Crypto Ecosystem report.
In 2016, Bitcoin accounted for 97% of unlawful crypto quantity. In 2022, the share dropped to lower than one-fifth or 19% of unlawful crypto quantity, the report stated.
Furthermore, in 2016, two-thirds of the cryptocurrencies stolen by hacking have been within the type of Bitcoin, with the share falling to three% in 2022. As an alternative of Bitcoin, Ethereum and Binance Good Chain have grow to be outstanding amongst hackers. Ethereum accounted for 68% of crypto hacking quantity, and Binance Good Chain accounted for 19%.
Moreover, Bitcoin was the one cryptocurrency used to finance terrorism in 2016. Nevertheless, in 2022, the Tron blockchain asset grew to become a well-liked software, accounting for 92% of cryptocurrencies used to finance terrorism.
The info means that cybercriminals have made a “qualitative leap” away from Bitcoin and are actually exploring different blockchains and property, the report stated. Crypto compliance and danger administration agency TRM Labs stated criminals are more and more resorting to chain hopping, or transferring property from one blockchain to a different, to disguise the supply and vacation spot of their ill-gotten funds.
Cryptocurrency costs fell in 2022, however crime didn’t.
Cryptocurrency costs fell considerably final 12 months due to high-profile bankruptcies, together with FTX. Nevertheless, this drop in worth had “no important affect on the greenback worth of crypto-related crime,” based on the report.
TRM Labs recognized and analyzed 40 various kinds of crypto crime in its report. In accordance with his estimates, victims misplaced about $7.8 billion final 12 months to Ponzi or pyramid schemes. One other $2 billion price of cryptocurrency was stolen by way of chain assaults.
The report additionally discovered that roughly $1.49 billion is focused for Darknet markets in 2022, with greater than 80% of these funds focusing on Russian-language darknet markets.
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