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

Over the past six years, determination has been a important diminution successful Bitcoin‘s stock successful transgression crypto transactions, according to TRM Labs‘ Illicit Crypto Ecosystem report.

In 2016, Bitcoin accounted for 97% of illicit crypto volume. In 2022, the stock fell to little than one-fifth oregon 19% of amerciable crypto volume, the study noted.

Moreover, successful 2016 two-thirds of crypto stolen from hacks were successful the signifier of Bitcoin, portion the stock fell to 3% successful 2022. In spot of Bitcoin, Ethereum and Binance Smart Chain roseate to prominence among hackers. Ethereum accounted for 68% of crypto hack volume, and Binance Smart Chain accounted for 19%.

Additionally, Bitcoin was the lone cryptocurrency for coercion financing successful 2016. However, successful 2022, assets connected the Tron blockchain became a fashionable tool, accounting for 92% of crypto utilized for violent financing.

The information suggest that cybercriminals person taken a “qualitative leap away” from Bitcoin and are present exploring different blockchains and assets, the study noted. Crypto compliance and hazard absorption steadfast TRM Labs said that criminals progressively edifice to chain-hopping oregon transferring assets from 1 blockchain to different to obfuscate the root and destination of their ill-gotten funds.

Crypto prices fell successful 2022, but transgression did not.

Crypto prices tanked importantly past twelvemonth acknowledgment to high-profile bankruptcies, including FTX. However, this terms autumn had “no meaningful interaction connected the dollar worth of crypto-related crime,” the study noted.

TRM Labs identified and analyzed 40 antithetic types of crypto crimes successful its report. According to its estimates, victims mislaid astir $7.8 cardinal to Ponzi oregon pyramid schemes past year. Another $2 cardinal worthy of crypto was stolen done cross-chain attacks.

The study besides indicated that astir $1.49 cardinal was funneled into Darknet markets successful 2022, with implicit 80% of these funds directed to Russian-language darknet markets.

The station Bitcoin accounted for 19% of illicit crypto measurement successful 2022, down from 97% appeared archetypal connected CryptoSlate.