He Bitcoin is no longer in vogue with cybercriminals, according to blockchain analytics firm TRM Labs, which noted that the 2021 cryptocurrency price crash “did not have a significant impact” on the scale of cryptocurrency-related crime in 2022. .
“In fact, the TRM data reveals that, at least $7.8 billion swindled in Ponzi or pyramid schemes, $1.5 billion in darknet marketplaces specializing in illegal drugs, and $3.7 billion stolen through hacks and exploits.”they explain from the company.
Similarly, TRM Labs also identified multiple pro-ISIS groups in Pakistan and Tajikistan that raise “tens of thousands of dollars in cryptocurrency” to “spread propaganda and recruit fighters.” “Over the course of 2022, TRM Labs has seen a significant increase in the use of the Tron blockchain among terrorist groups and associated fundraising campaigns, with some using it exclusively. The vast majority of those actors raised donations on the stablecoin. Tether (USDT)”, they point out.
Among terrorist financing entities tracked by TRM Labs in 2022, there was a 240% year-over-year increase in Tether usage, versus a mere 78% increase in bitcoin usage.
To hide their trail, crypto criminals have increasingly resorted to so-called chain hopping, which involves moving money from one blockchain to another to make it more difficult to trace the funds from the outside. Consequently, if in 2016 two thirds of the cryptocurrency hacking volume corresponded to the Bitcoin network, in 2022, they represent slightly less than 3%. Ethereum (68%) and Binance Smart Chain (19%) were other of the most used networks.
Bitcoin, the most chosen on the darkweb
All in all, the world’s largest cryptocurrency remains the queen in the ‘darknet’ markets. According to the TRM report, $1.49 billion was spent on such Russian “dark” markets, while the largest Western such market, ASAP Market, accounted for less than 10% of the global market share.
“Most Russian-language darknet markets only support bitcoin, with no privacy coin options. This may be because they perceive a lower risk of being taken down by authorities. Westerners, in contrast, employ more security measures operational in the chain”, they point out.
These experts conclude that the “continued proliferation of cryptocurrencies and blockchain technology” suggests that digital assets “will continue to occupy an important place” in the criminal sphere. “The good news for investigators, law enforcement and regulators is that cryptocurrencies can provide granular visibility into the structure, operations and, above all, the interconnectivity between different actors and criminal enterprises,” they add.
“Blockchain intelligence represents a transformative leap in the fight against illicit finance. Until now, law enforcement agencies, regulators and the broader private sector did not have real-time knowledge of illicit economies, their size, how they were transfer their assets and how they overlap with other illicit networks.This approach can help equip law enforcement and compliance professionals with a more comprehensive, granular, and specific view of where to allocate their surveillance resources, research and technology”, they conclude.
Source: Ambito
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