As cryptocurrency transactions continue to grow, it’s no surprise that crypto crime has also seen a huge upswing. In 2021, illicit addresses raked in $14 billion, up nearly 80% compared to 2020.
Still, the backstories here are even more intriguing. For example, why isn’t crypto crime growth even larger given the rapid adoption of cryptocurrency overall? Is taking payment in Bitcoin a surefire way for threat actors to fly under the radar? How does law enforcement catch crypto criminals? Also, what’s going on with regulation that might make things more difficult for threat actors?
Explosive Growth in Crypto
Across all the cryptocurrencies tracked by Chainalysis, total transaction volume grew to $15.8 trillion in 2021, up 567% from the prior year. Meanwhile, the percent of illicit action shrunk to a mere 0.15%. Still, $14 billion in losses is concerning, to say the least.
While skeptics make noise about the lack of security surrounding crypto, keep in mind there was a 70% increase in conventional fraud attacks in 2021 compared to 2022. Since nothing is 100% secure, some feel it’s safer to invest in Bitcoin, Ethereum and other blockchain-based coins. Advocates also cite transparency, anonymity and lack of government control as reasons to favor crypto over fiat money.
In any case, cryptocurrency continues to gain ground in overall transaction volume, which may be the ultimate test of legitimacy.
Crypto-Malware Versus Ransomware
Two different kinds of threats menace crypto, and there’s some confusion about the difference between them. When crypto-malwa ..
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