Revenue from cryptocurrency-related crime decreased by 65% in the first half of 2022 compared to the same period in 2021.
According to blockchain analysis firm Chainalysis, the total revenue from crypto crime in the first half of the year stands at $1.6 billion. The report also highlights that the number of transfers linked to illicit crypto scams has reached its lowest point in four years.
The largest scam in 2022 to date has generated only $273 million, which is less than a quarter of the revenue accrued from the largest scam in the first half of 2021.
This decline in crypto crime figures coincides with a decrease in cryptocurrency values. However, certain types of crypto crime have seen increases over the past year. The value of stolen or hacked crypto assets has risen from $1.2 billion to $1.9 billion, primarily due to the rise in funds stolen from decentralized finance (DeFi) protocols and cross-chain bridges.
Eric Jardine, cybercrime research lead at Chainalysis, emphasizes that there is still significant work to be done despite the overall drop in cyber crime rates. “With huge increases in stolen funds, we can’t afford to rest on our laurels. The public and private sectors must continue to work together and enhance their ability to combat cryptocurrency-based crime,” Jardine stated.