Bitcoin accounted for 19% of illicit crypto volume in 2022, down from 97%


28 Jun 2023 2:16 PM

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.

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You May Ask

What was Bitcoin's share in illicit crypto volume in 2016 and 2022?Which cryptocurrencies have gained prominence among hackers in place of Bitcoin?What blockchain has become popular for terrorist financing in 2022?How do cybercriminals obfuscate the source and destination of their funds?Did the decline in crypto prices have an impact on the dollar value of crypto-related crime?

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