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According to the latest report prepared by blockchain analysis company Chainalysis, the cryptocurrency industry saw a notable recovery in 2023. It signaled a comeback from the problems faced in 2022, following the previous year’s trend. The analysis company reported a significant decrease in cryptocurrency crime examples throughout the year. The report suggests that the period known as the crypto winter may be ending, indicated by the recovery in cryptocurrency prices and increased market activity throughout the year.
The Year of Cleansing from Crypto Crimes
Chainalysis reported a significant decrease in the number of illegal cryptocurrency wallet addresses in 2023, and the value of stolen cryptocurrencies has greatly diminished.
According to the report, the value of crypto crime was a total of 24.2 billion dollars last year, but the report also contains a cautionary note that updated figures could lead to an increase in estimates of illegal activities. For example, the inclusion of a 8.7 billion dollar creditor claim against FTX after the conviction of its former CEO SBF for fraud is cited as an example for 2022 figures.
Overall, the report indicates a significant decrease in revenues from crypto currency fraud and hacking activities in 2023. There is a respective 29.2% and 54.3% decrease in total illegal revenue.
Hackers Utilize New Technologies
Revenues from ransomware and darknet markets have increased, moving contrary to the general trend. This increase in ransomware revenues may indicate that hackers are adapting to advancements in corporate cybersecurity measures.
One of the prominent trends highlighted in the report is the percentage of transactions related to sanctions in the volume of illegal transactions. In 2023, entities and jurisdictions under sanctions contributed 14.9 billion dollars to the total transaction volume. This figure constitutes 61.5% of all measured illegal transaction volume.
Although there is a general trend of improvement in crypto crimes throughout 2023, another report points out that December was the worst month of the year.
A recent UNODC report also revealed a concerning trend in the misuse of cryptocurrency in East and Southeast Asia. It highlighted that law enforcement agencies are facing problems due to criminal organizations using chatbot and deepfake technology for advanced cyber fraud.
