Crypto Crime in 2023: Illicit Activity Drops, Cybercriminals Target Stablecoins

• Scamming and stolen funds decrease; ransomware and darknet markets see revenue increases.
• Stablecoins surpass Bitcoin as the preferred currency for illicit transactions due to stability and ease of use.
• Chainalysis reports a 39% drop in total crypto value sent to illicit addresses from $39.6B in 2022 to $24.2B in 2023.

Fears of rampant cryptocurrency-fueled crime may be cooling, as a new report from blockchain data platform Chainalysis reveals a significant drop in crypto value received by illicit addresses throughout 2023.

Total cryptocurrency value received by illicit addresses, 2018-2023

The report reveals a 39% drop in the total value sent to illicit addresses, from a staggering $39.6 billion in 2022 to just $24.2 billion last year. This decrease was accompanied by a dip in the share of all crypto transaction volume associated with illicit activity, down from 0.42% to 0.34%.

The report also highlights a changing landscape of crypto-based crime, with stablecoins now dethroning Bitcoin, once the go-to currency for cybercriminals, as the preferred currency for illicit transactions. This popularity can be attributed to its inherent stability and rela…

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