Cryptocurrency As the industry grew, the number of malicious people began to increase. Blockchain research firm of Chainalysis According to its new report, cryptocurrency crimes will increase to a record high in 2022. $20.6 billion it happened.
Blockchain Research Firm Chainalysis Announces Increasing Cryptocurrency Crime
The firm’s research manager Kim Grauer While other forms of illegal activity are on a downward trend, “there were two categories that really stood out in terms of their growth, and those are sanctioned activities and hacking,” he said Monday.
According to the Chainalysis report, criminal activity accounted for 0.24% of all blockchain transactions last year. An increase of 0.12% over the previous year. However, according to the report, crypto crimes “have a small share of less than 1% of the total volume”.
Grauer said that after the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) began crashing crypto platforms in 2021 instead of separating crypto addresses from certain bad actors, all transactions made by platforms said to facilitate crime were counted.
With this new categorization, Chainalysis found that most of the sanctioned activity in 2022 came from funds that “flowed into Garantex or other services like this after the assignments had taken place.”
Garantex is a Russia-based crypto exchange that continues to operate. According to the report, after the sanctions were imposed on the stock market in April, there was an inflow of $ 1.3 billion until October.
Grauer said the agency’s efforts varied as OFAC sought to limit illegal activity on Hydra’s darknet marketplace and other crypto-based platforms such as decentralized mixing service Tornado Cash.
Chainalysis detected a significant increase in the amount of funds hacked by North Korean organizations in 2022.
Grauer said that North Korea-based cybercriminals hacked $1.6 billion worth of funds, breaking their own records from the previous year.
Bad actors may have exploited vulnerabilities of decentralized finance (DeFi) protocols, Grauer said. In 2022, $3.8 billion worth of crypto was stolen from DeFi protocols, more than $3.3 billion stolen the previous year.
*Not investment advice.
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