Tether (USDT) Leads Cryptocurrencies in Illegal Transactions: TRM Labs

Recent reports by blockchain analysis companies TRM lab The report, titled “Illegal Crypto Economy,” sheds light on the state of illegal activities within the cryptocurrency ecosystem in 2023. The report reveals that the total amount of illicit funds in the cryptocurrency field has decreased by 9% compared to his 2022. Still, it was able to process almost $35 billion worth of cryptocurrencies throughout the year.

Main highlights:

  • In 2023, fraud and fraud accounted for nearly one-third of all crypto crimes.
  • Although the proportion of illicit funds in cryptocurrencies decreased in 2023, it still remains higher than the industry’s existing forecasts.
  • Regulatory pressures have reduced the amount of funds subject to hacking and sanctions.
  • Sales of fentanyl and its precursor materials were down 150% in volume, but vendor sales were up 97%.
  • Almost half of the illicit cryptocurrency trading volume occurs on the TRON blockchain, with Tether (USDT) accounting for the largest share.

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According to TRM Labs, the decline in illegal activity may be due in part to increased regulatory pressure. The report notes that in the United States alone, the number of organizations and individuals targeted for sanctions related to crypto crimes has tripled.

US cryptocurrency crackdown affects North Korean hackers

This crackdown appears to have had a major impact on hackers associated with North Korea. These hackers made 30% less profit than in 2022. Overall, hacking revenue fell by more than 50% from $3.7 billion in 2022 to his $1.8 billion in 2023.

Despite an overall decline in illegal activity, the report highlights that fraud and fraud remain a significant problem. By 2023, it will account for nearly one-third of all crypto crimes.

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The report also delves into the sale of illegal drugs on darknet markets, which grew from $1.3 billion in 2022 to $1.6 billion in 2023. Interestingly, while the amount of fentanyl and its precursor materials decreased by 150% between 2022 and 2023, vendor sales increased. Year-over-year he increased by over 97%, going from $16 million to $33 million.

Regarding the distribution of illegal crypto volumes across different blockchains, TRM Labs found that in 2023, almost half (45%) of all illegal activities will occur on the TRON blockchain, up from 41% in 2022. discovered. The $19.3 billion stablecoin Tether ( USDT) accounted for the largest share of illegal trading volume, ahead of Ethereum (24%) and Bitcoin (18%).

Vignesh Karunanidhi

Vignesh is an experienced professional in the cryptocurrency field since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content with an emphasis on sharing, such as news articles, long-form articles, and blog posts. The beauty of blockchain and cryptography.

Vignesh Karunanidhi

milk road lighter

Vignesh is an experienced professional in the cryptocurrency field since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content with an emphasis on sharing, such as news articles, long-form articles, and blog posts. The beauty of blockchain and cryptography.

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