Cryptocurrency inflows to known illicit entities have declined by a staggering $5.2billion (a 65 per cent decrease) compared to the same time last year, while inflows to risky entities such as high-risk exchanges and crypto mixers are down 42 per cent, recent data has showed.
The latest Crypto Crime Midyear Update from Chainalysis shows that inflows to illicit addresses are down in nearly every category of crypto crime – from hacks and malware to fraud shops and darknet markets – with the decline in scam revenues being the most significant. As of June, crypto scammers have taken in nearly $3.3 billion less (at 77 per cent decline) in 2023 than they did in 2022, for a total of just over $1.0 billion this year. This decline is especially impressive given that last year, crypto scam revenues had already dropped by 46 per cent.
“After a chaotic 2022 which saw significant volatility and the high-profile collapse of FTX, it is reassuring to see confidence return to the crypto markets as…
