The dominance of the world’s first cryptocurrency in cryptocrime has dropped significantly over the past five years. This is according to a report by analytical platform TRM Labs.
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TRM Labs: 19% of illegal crypto transactions in 2022 came from bitcoin
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Bitcoin accounted for 97% of total illegal cryptocurrency transactions in 2016. That number has since dropped significantly, with bitcoin accounting for just 19% of all illegal cryptocurrency activity in 2022.
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“The transition from Bitcoin blockchain to other blockchains and tactics underscores the importance of our mission to create a complete map of illegal financial flows online,” explained TRM Labs co-founder and CEO Esteban Castaño.
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The report also said that $7.8 billion in cryptocurrency was stolen in 2022. Approximately $2 billion was stolen as a result of hacking mechanisms that allow the transfer of cryptocurrency between different blockchains.
Another $3.7 billion in cryptocurrency was stolen through hacks of various platforms. Also, $1.5 billion in digital assets were used on the darknet, analysts said.
In June, analyst firm Peckshield reported that hackers withdrew $600,000 from the DeFi trading platform Hashflow. The decentralized finance protocol Sturdy Finance, which was recently hacked, offered $100,000 to attackers if they returned the stolen funds.