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Home»ADOPTION NEWS»Reducing Cryptocurrency Crime: Insights into Trends and Challenges for 2024
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Reducing Cryptocurrency Crime: Insights into Trends and Challenges for 2024

By Crypto FlexsJanuary 26, 20243 Mins Read
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Reducing Cryptocurrency Crime: Insights into Trends and Challenges for 2024
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The cryptocurrency landscape of 2024 continues to evolve rapidly, with the nature and scale of cryptocurrency-related crime changing significantly. Comprehensive analysis of recent reports and data provides insights into current trends, fundamental challenges and future impact on the industry.

Cryptocurrency hacking and fraud trend decreasing

According to a Chainalysis report, cryptocurrency hacking incidents decreased significantly in 2023. Hackers stole approximately $1.7 billion from cryptocurrency platforms, a 54.3% decrease from the previous year. Despite this decline, the number of personal hacking cases increased from 219 to 231 in 2022. In particular, North Korea-related organizations were active, with the number of hacking cases reaching an all-time high of 20.

Interestingly, the decline in stolen funds was primarily driven by a sharp decline in DeFi hacks, suggesting improved security practices within DeFi protocols. However, the decline in DeFi hacking losses may also be partially due to an overall decline in DeFi activity in 2023.

Changes in Illegal Activities

The total value received by suspicious cryptocurrency addresses in 2023 was estimated at $24.2 billion. The share of cryptocurrency trading volume associated with illegal activities decreased from 0.42% in 2022 to 0.34% in 2023. This decline is noteworthy and represents a positive trend in the decline of cryptocurrency-related crimes.​​​​

Stablecoins have surpassed Bitcoin’s dominance and have emerged as a major option for illicit transactions. This change is due to the high liquidity of stablecoins and the difficulties sanctioned entities face in accessing traditional financial systems. Nonetheless, Bitcoin remains the preferred choice for darknet market sales and ransomware extortion.​​​​

Ransomware and Darknet Markets: Resurgence

In contrast to the overall downward trend, ransomware and darknet market activity showed revenue growth in 2023. This resurgence suggests that attackers are adapting to improved cybersecurity measures. The growth in darknet market revenues is particularly notable following the decline due to the closure of Hydra, a major darknet market, in 2022.

Sanctioned Entities and Jurisdictions

Transactions involving sanctioned entities and jurisdictions amounted to $14.9 billion, accounting for 61.5% of total illicit transaction volume in 2023. This highlights the importance of regulatory oversight and compliance in the cryptocurrency industry to counter these high volumes of illicit transactions.​​​

conclusion

Data from 2023 shows a complex landscape of cryptocurrency-related crime. While hacking and fraud activity has decreased significantly, ransomware and darknet market revenues are increasing again and transactions involving sanctioned companies are highlighted, highlighting the need for continued vigilance and improved security measures for the cryptocurrency industry. These insights are critical to shaping regulatory frameworks and creating a safe environment for all stakeholders.

Image source: Shutterstock

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