Illicit Crypto Transactions Fall To $24.2 bn In 2023
In 2023, illicit crypto addresses received $24.2 billion, a decrease from the previous year’s $39.6 billion, according to Chainalysis, a blockchain analytics firm.
This indicates a shift in digital currency-related crime, with stablecoins becoming more prominent in these transactions. Bitcoin was once the dominant currency in illicit transactions, but stablecoins emerged as the primary medium.
Bitcoin remains the primary currency for specific illegal activities, such as darknet market sales and ransomware extortion. Since 2022, scams and transactions linked to sanctioned entities have increasingly used stablecoins, aligning with the broader adoption of stablecoins in legitimate crypto activities.
The decrease in illicit crypto transactions in 2023 suggests a positive trend towards more regulated and monitored digital currency use.
(With inputs from Shikha Singh)
You need to login in order to Like
