- Chainalysis has released its 2023 Digital Asset Crime Report.
- Analysts noted a decrease in the total volume of stolen funds by 29%.
- Bitcoin is no longer the most popular cryptocurrency among scammers.
Cybersecurity company Chainalysis introduced report on digital asset crime 2023.
According to the document, the volume of stolen funds decreased by 29% compared to last year. At the same time, illegal income as a whole decreased by more than 54%, analysts note.
In 2022, as a result of fraud, hacking and other illegal activities, the industry lost $39.6 billion. In 2023, the total amount of losses was $24.2 billion, and stolen assets accounted for 0.34% of the total number of transactions.
Representatives of Chainalysis noted that the initial report for 2022 included a smaller amount – $20.6 billion. The increase in the figure is due to the emergence of new circumstances in cases that are related to the mentioned period.
In particular, analysts added to the final amount the claim of FTX creditors in the amount of $8.7 billion. In November 2023, the court found the company's founder Sam Bankman-Fried guilty of fraud, which allowed experts to add his case to the report.
The Chainalysis team also noted changes in the types of assets that are most often involved in cryptocurrency theft incidents. In 2021, criminals conducted the majority of illegal transactions on the Bitcoin network.
However, over the past two years, the situation has changed and now criminals most often use stablecoins to carry out criminal activities. We are talking about fraudulent schemes, sanctioned transactions, asset theft, etc.
At the same time, analysts admit that in some cases the first cryptocurrency still remains the preferred choice for attackers. This includes ransomware crimes and darknet trading.
As a reminder, we wrote that Chainalysis presented a report linking child abuse material (CSAM) traffickers to the crypto industry.