Crypto Crime Fell by 29% in 2023, Stablecoins Now Preferred for Illicit Activities: Chainalysis

Despite a decrease in stolen cryptocurrency, revenue from criminal activities such as ransomware and darknet markets saw significant increases.

Crypto crime decreased by 29% in 2023, with a total of $24.2 billion stolen, compared to $39.6 billion in 2022, according to a report by Chainalysis.
Stablecoins have become the preferred cryptocurrency for illicit activities, surpassing Bitcoin, which was the most used until 2021.
While the amount of stolen cryptocurrency decreased, revenue from criminal activities such as ransomware and darknet market activities saw significant increases.
Chainalysis reported that sanctioned entities and jurisdictions accounted for $14.9 billion, or 61.5%, of all illicit transaction volume in 2023.
The U.S. and other countries are increasing efforts to crack down on crypto firms that fail to block and report illicit money flows.