Bitcoin accounted for 19% of illicit crypto volume in 2022, down from 97%
In a report, TRM Labs said that the multi-chain ecosystem has prodded criminals to look beyond Bitcoin to launder their illicit crypto....
- Bitcoin's share in criminal crypto transactions has significantly declined over the past six years, according to TRM Labs' Illicit Crypto Ecosystem report.
- In 2016, Bitcoin accounted for 97% of illicit crypto volume, but in 2022, its share fell to 19%.
- Ethereum and Binance Smart Chain have risen in prominence among hackers, with Ethereum accounting for 68% of crypto hack volume and Binance Smart Chain accounting for 19%.
- Tron blockchain has become a popular tool for terrorist financing, accounting for 92% of crypto used for this purpose in 2022.
- Cybercriminals are exploring other blockchains and assets, resorting to chain-hopping to obfuscate the source and destination of their funds.
- Despite a decline in crypto prices, the dollar value of crypto-related crime remained unaffected.
- TRM Labs identified and analyzed 40 different types of crypto crimes, including Ponzi schemes, cross-chain attacks, and Darknet market transactions.
The article presents a decline in Bitcoin's involvement in criminal crypto transactions as a positive development. It also highlights the rise of other cryptocurrencies in illicit activities and the challenges faced by law enforcement in tracking these activities. The overall sentiment is neutral.