Crypto crime activity decreased by 65% — Chainalysis
Date: 2023-07-14 Author: Karina Ziganova Categories: BLOCKCHAIN, CRYPTO PAYMENTS
The largest drop in activity is observed in the field of cryptocurrency fraud, analysts found
The volume of money inflows to criminal-related crypto addresses decreased by 65% at the end of June 2023. This was announced in a blog post by Chainalysis analysts. Compared to the first half of 2022, during the same period of time in 2023, the criminal sector of the market recorded a drop in cryptocurrency inflows by $5.2 billion.
The largest decline was recorded in the field of fraud: here the decline was more than $ 3.3 billion, according to Chainalysis, such a sharp drop is due to the sudden disappearance of two large scam schemes: VidiLook and Chia Tai Tianqing Pharmaceutical Financial Management. Both projects, according to analysts, decided to "lie low" by grabbing client money. According to Chainalysis estimates, the organizers of the VidiLook scheme managed to scam victims for $ 120 million, how much the curators of Chia Tai Tianqing Pharmaceutical Financial Management stole is unclear.
The only criminal area that has been in the black as of June 2023 is extortion. Here, the attackers were able to earn $175.7 million more than in the first half of 2022.
Earlier, analysts at the blockchain firm SlowMist estimated that since 2012, the industry has lost more than $30 billion in cryptocurrencies due to hackers. Of the claimed amount, more than a third was stolen from centralized trading platforms
Over the past eleven years, exchanges have suffered from 118 hacks. At the same time, the most significant occurred relatively recently - in 2021 (almost $5 billion was lost). The field of non-fungible tokens (NFTs) lost $200 million over the period of time studied.
