Chainalysis notes that in 2022 and 2023, stablecoins saw the most volume among illicit transactions.
Stablecoins took over the majority of all illicit transaction volume in 2022 and 2023 as cybercriminals sought out other ways to transact apart from using Bitcoin (BTC).
In its latest report on crypto crime, blockchain analytics firm Chainalysis highlights that from 2018 to 2021, Bitcoin dominated as the “cryptocurrency of choice” among criminals. However, stablecoins accounted for most of the illicit transaction volume in 2022 and 2023.
The report notes that the change comes alongside the growth in overall activity around stablecoins, including legitimate transactions. Despite the development, other types of criminal activities, such as darknet market sales and ransomware extortion, still mostly use BTC.
