Crypto Crime Fell by 25% This Year, Chainalysis Reports

by in Cryptocurrency News

Chainalysis crypto crime

Blockchain data platform Chainalyis released an update on the mid-year crypto crime. According to data, illicit activities fall and notable expectations are predicted.

Related: Chainalysis launches hacker response unit

Chainalyis says 2022 has been a significant year for the crypto industry, with essential price declines across all digital assets in May and June. The release notes the effects of the market downturn on illicit crypto activities. According to Chainalyis, it's still hard to tell whether the sector has reached the bottom, but prices have been relatively stable for the last month.

Currently, the total scam revenue for 2022 is about $1.6 bln, a 65% decline compared to July 2021. The decline appears to be linked to falling prices across cryptos. Chainalyis mentions since January 2022, scam revenue has dropped following the movement of the Bitcoin price. Data shows that not only scam revenue but the number of individual transfers to scams is at its lowest level in 4 years.

However, funds stolen in crypto hacks through July 2022 was $1.9 bln compared to $1.2 bln og 2021. Chainalysis doesn't expect this trend to reserve any time soon.

The main part of this amount is due to the increase in funds stolen from DeFi platforms.