Cryptocurrency Crime Reaches Record High in Blockchain Transactions
It is reported that according to a new report from the blockchain research company Chainalisis, the value of cryptocurrency crimes in blockchain transactions r…
It is reported that according to a new report from the blockchain research company Chainalisis, the value of cryptocurrency crimes in blockchain transactions reached a record $20.6 billion in 2022. Kim Grauer, the research director of the company, said on Monday that although other forms of illegal activities may be on the decline, “there are two categories that really stand out in terms of growth: sanctioned activities and hacker attacks”. According to the Chainalisis report, criminal activities accounted for 0.24% of all blockchain transactions last year, an increase of 0.12% over the previous year.
Report: Cryptocurrency crime hit a record high of US $20.6 billion in 2022
Interpretation of the news:
The world of cryptocurrency has seen a surge in its value in the last few years, but along with it, the number and value of cryptocurrency crimes have also skyrocketed. In a recent report released by the blockchain research company Chainalysis, it was revealed that cryptocurrency crimes in blockchain transactions reached a record high of $20.6 billion in 2022.
According to Kim Grauer, the research director of Chainalysis, the rise in cryptocurrency crime can be attributed to two primary categories: sanctioned activities and hacker attacks. Sanctioned activities are defined as transactions that violate economic sanctions, while hacker attacks refer to thefts of cryptocurrencies through criminal activities. The report noted that although other forms of illegal activities may be decreasing, these two categories have shown significant growth.
The report by Chainalysis further stated that criminal activities accounted for 0.24% of all blockchain transactions in 2022, an increase of 0.12% from the previous year. This indicates that despite the efforts of regulatory authorities to combat crypto-related crimes, the issue is only worsening.
Experts believe that the anonymity and decentralized nature of cryptocurrencies make it harder for authorities to track criminal activities. Moreover, the lack of a global regulatory framework for cryptocurrencies means that different countries have varied laws and regulations, making it easier for criminals to evade punishment. Cryptocurrency exchanges and wallets are also vulnerable to cyber attacks, which further intensifies the risk of fraud and theft.
The rise in cryptocurrency crimes is a sobering reminder of the risks associated with investing in digital assets. Investors should be cautious and take measures to protect their investments from such crimes, such as using secure wallets and choosing reputable exchanges that employ robust security measures.
In conclusion, the $20.6 billion cryptocurrency crime is a wake-up call for the crypto industry to adopt more stringent measures to counteract illegal activities. Chainalysis’s report emphasizes the need for regulatory authorities to impose international regulations on cryptocurrencies to combat fraud and theft. Only a concerted effort from all stakeholders can alleviate the risks associated with the cryptocurrency industry.
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