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Recent trends in illegal crypto activities highlight the prominence of the TRON Blockchain. According to the latest data from TRM Labs, the volume of illegal crypto decreased by a third in 2023, falling to $34.8 billion. Despite this decline, TRON Blockchain still managed to host 45% of crypto scams, showcasing a notable performance.
Trends in Crypto-Focused Illegal Transactions
A new report prepared by TRM’s Blockchain intelligence team sheds light on the main trends in crypto-focused illegal transactions. Criminals captured over $34 billion in cryptocurrency in the 2022-2023 period, despite a 9% drop in illegal crypto funds annually. These figures indicate that crypto fraud remains a serious threat.
The report also notes that nearly half of the illegal crypto volume took place on the TRON Blockchain. Following Ethereum and Bitcoin, TRON has become a preferred platform for criminals.
In particular, it was noted that the Tether (USDT) stablecoin saw the largest illegal volume last year. The report states that about 1.63% of the illegal activities identified by TRM were associated with USDT on TRON.
The Popularity of TRON as a Key Factor
According to Angela Ang, a senior policy advisor at TRM, TRON’s popularity can be linked to its low transaction fees and speed. Ang emphasizes that this situation facilitates money laundering.
However, these trends are a clear warning sign for the crypto world. TRON and similar platforms could be subject to stricter regulations by regulatory bodies.
The Extent of the Damage
Despite the significant damage on the TRON Blockchain, a significant decrease in crypto crimes has been observed. The illegal fund volume recorded last year at $49.5 billion has seen an impressive 30% decrease.
One of the main factors in this decline was the decrease in the value of crypto assets related to sanctioned entities. This value, which was $25.4 billion in 2022, dropped by 30% to $16.2 billion in 2023.
Moreover, crypto attacks and exploitations also decreased dramatically. While a loss of $3.7 billion was experienced in 2022, this figure fell by 50% to $1.8 billion in 2023. On average, the amount at risk in each hack event also significantly decreased. In 2023, this amount was $10 million, while in 2022 it had risen to $21 million.
The report indicates that the decrease was due to increased vigilance by businesses, public awareness of fraud, and entirely chance factors. The reduction in crypto crimes is a promising development for the industry to build on more reliable and solid foundations.
