August 9, 2022

Crypto criminals got away with $5B less in 2020 as scam revenue falls

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Revenue from crypto-related crime dropped by more than half in 2020 according to Chainalysis’ annual report on the subject.

Cybercriminals netted around $5 billion less than the $10 billion plus they got away with in 2019, representing a 53% fall.

Transactions involving illicit funds have decreased even more rapidly than the total volume of those funds, falling from 2.1% of all transactions analyzed in 2019 down to just 0.34% last year.

Among the eight categories of transactions deemed “illicit” by Chainalysis, the dollar amount of crypto taken in by scams decreased the most, by 71% to $2.6B, largely due to the fact that 2019’s multi-billion dollar PlusToken scandal dwarfed anything seen in 2020 so far. 

Overall crypto crime volume — including the proceeds of crime and the attempts to launder it — fell from above $20B in 2019 to around $10B last year.

But it’s not all good news and possibly the most alarming part of the report is the finding that ransomware-related theft rose 311% from 2019 to 2020, representing an additional loss of more than $250 million in 2020 compared to 2019. 

Even with a year-over-year increase in ransomware and darknetTitle: Crypto criminals got away with $5B less in 2020 as scam revenue falls
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Published Date: Wed, 17 Feb 2021 02:57:46 +0000