Illicit Cryptocurrency Transactions Decrease by 48% in 2023

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Dubai

A recent study by a New York-based blockchain platform has found that the value of illicit cryptocurrency transactions decreased by more than 48% in 2023, dropping from $39.6 billion to $24.2 billion

 The report, titled "2024 Crypto Crime Trends," also showed that the share of cryptocurrency transaction volume associated with illicit activity fell to 0.34% last year from 0.42% in 2022

The report attributed the significant drop in illicit transaction volume to a sharp decline in crypto scams, which saw a 29.2% decrease in revenue, and hacking, which experienced a 54.3% decline in revenue
 The report also identified a shift away from Bitcoin as the cryptocurrency of choice for illicit activities, with stablecoins now accounting for the majority of illicit transaction volume
Sanctioned entities and jurisdictions together accounted for a combined $14.9 billion worth of illicit transactions, representing 61.5% of all illicit transaction volume measured for the year
 Most of this total came from cryptocurrency services that were sanctioned by the US or located in the US

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