The post Chainalysis 2024 Report: Illicit Crypto Activity Down 20% YTD but Ransomware and Stolen Funds Surge appeared on BitcoinEthereumNews.com.

Recent reports highlight a significant shift in crypto-related crime. Chainalysis reveals a near 20% drop in overall illicit activity on blockchain networks. “Legitimate activity is expanding faster than illegal activities,” according to Chainalysis. Discover the latest insights into crypto crime trends with a detailed analysis from Chainalysis, showcasing both positive developments and emerging challenges. Major Drop in Illicit On-Chain Activity On August 15, 2024, Chainalysis released its initial findings for their 2024 crypto crime report. The data reveals a significant 19.6% year-to-date decrease in illegal activities on the blockchain, dropping from $20.9 billion to $16.7 billion. This decrease indicates that the growth rate of lawful transactions is outpacing that of illicit ones. Rising Concerns: Stolen Funds and Ransomware Despite the overall decline in illicit crypto activities, Chainalysis reported increases in specific crime categories. Stolen funds have surged, nearly doubling from $857 million to $1.58 billion. Additionally, ransomware inflows saw a 2% increase, climbing from $449.1 million to $459.8 million. Notably, the amount stolen this year is already 84% higher compared to the first half of 2023. Changing Patterns in Cybercrime The report highlights that hackers are increasingly targeting centralized exchanges over decentralized finance (DeFi) protocols. Following a 50% reduction in the value of stolen crypto in 2023, hacking activities have seen a resurgence in 2024. Average theft per heist has also soared by nearly 80%. Ransomware Payments Hit New Records This year also marks a significant rise in ransomware payments. The median ransom for severe malware cases rose dramatically from $200,000 in early 2023 to $1.5 million by mid-2024. While attacks have become more frequent, the tendency of victims to pay ransoms is decreasing. Risky Services See Increased Inflows Chainalysis identified a growing trend of inflows to risky services such as crypto mixers and exchanges that lack Know Your Customer…

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Filed under: News - @ August 17, 2024 11:51 pm