Bitcoin accounted for 19% of illicit crypto volume in 2022, down from 97%
Bitcoin accounted for 19% of illicit crypto volume in 2022, down from 97%
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About the previous 6 many years, there has been a considerable decrease in Bitcoin‘s share in criminal crypto transactions, according to TRM Labs‘ Illicit Crypto Ecosystem report.
In 2016, Bitcoin accounted for 97% of illicit crypto quantity. In 2022, the share fell to less than a single-fifth or 19% of unlawful crypto volume, the report mentioned.
In addition, in 2016 two-thirds of crypto stolen from hacks ended up in the variety of Bitcoin, even though the share fell to 3% in 2022. In area of Bitcoin, Ethereum and Binance Intelligent Chain rose to prominence amid hackers. Ethereum accounted for 68% of crypto hack volume, and Binance Clever Chain accounted for 19%.
Additionally, Bitcoin was the only cryptocurrency for terrorism funding in 2016. On the other hand, in 2022, property on the Tron blockchain turned a well-known tool, accounting for 92% of crypto utilised for terrorist funding.
The info suggest that cybercriminals have taken a “qualitative leap absent” from Bitcoin and are now discovering other blockchains and assets, the report noted. Crypto compliance and possibility administration firm TRM Labs mentioned that criminals progressively vacation resort to chain-hopping or transferring property from one particular blockchain to a further to obfuscate the resource and vacation spot of their ill-gotten cash.
Crypto price ranges fell in 2022, but criminal offense did not.
Crypto rates tanked significantly last yr thanks to high-profile bankruptcies, together with FTX. Having said that, this value slide had “no meaningful effects on the dollar worth of crypto-associated crime,” the report pointed out.
TRM Labs determined and analyzed 40 distinctive forms of crypto crimes in its report. According to its estimates, victims dropped about $7.8 billion to Ponzi or pyramid schemes last year. Another $2 billion worth of crypto was stolen via cross-chain attacks.
The report also indicated that approximately $1.49 billion was funneled into Darknet marketplaces in 2022, with about 80% of these cash directed to Russian-language darknet marketplaces.
The post Bitcoin accounted for 19% of illicit crypto volume in 2022, down from 97% appeared initially on CryptoSlate.
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