Last year, Tether topped the list as the most frequently utilized stablecoin for illicit activities in cryptocurrencies, raising significant concerns.
In 2023, the quantity of money received by unofficial cryptocurrency addresses also experienced a notable decline.
In 2023, two of the most well-known forms of cryptocurrency crime—ransomware and darknet markets—saw a rise in revenue, defying normal trends.
Tether has been the most popular choice for illegal activity of all the stablecoins. A new study by Bloomberg claims that Tether was the most popular stablecoin used for purportedly illicit purposes in the previous year. This occurs against a decline in the total illegal use of cryptocurrency.
The Most Used Stablecoin for Illegal Activity Was Tether.
TRM Labs, as noted by Bloomberg, asserts that Tether emerged as the predominant stablecoin for illicit activities in 2023. Despite a decrease in overall illegal transaction volume, Tether’s involvement in unlawful activities amounted to $19.3 billion, down from $24.7 billion in 2022, as per reports and email exchanges from TRM Labs.
Illegal Activities Related to Cryptocurrencies Collapse in 2023
A Chainalysis analysis states that the Bitcoin market rebounded in 2023 following the disputes, explosions, and price declines of 2022. In 2023, unofficial cryptocurrency addresses received $24.2 billion, a considerable reduction from previous years. For some illicit cryptocurrency operations, such as ransomware extortion and darknet market sales, Bitcoin remains the main platform. However, if stablecoin issuers discover their money is being used illegally, they can freeze it. Tether recently removed addresses linked to the war in Israel and Ukraine as well as terrorist activities.
Ransomware Remains Dangerous
In 2023, two of the most well-known forms of cryptocurrency crime—ransomware and darknet markets—saw a rise in revenue, defying normal trends. It’s depressing to see ransomware revenue rising after the sharp declines we reported on the previous year. However, it suggests that ransomware attackers may have adjusted to the heightened cybersecurity of businesses—a development we first reported on this year.
When looking at the quantity of illegal transactions, the pattern that stands out the most is the significance of transactions about sanctions. The overall amount of transactions made by sanctioned countries and entities in 2023 was $14.9 billion, accounting for 61.5% of all the illegal transactions evaluated in that year.
