Bitcoin's share of illicit transactions went from 97% in 2016 to just 19% in 2022. Fiat and other cryptocurrencies appear to be preferred by criminals, according to TRM Labs.
According to new research, fewer cybercriminals are turning to Bitcoin as their primary method of moving illicit funds, with bad actors opting to go back to fiat channels or choosing other cryptocurrencies.
TRM Labs said instead a new multichain era has led to a “qualitative leap” away from Bitcoin as a primary means of moving criminal proceeds. The firm also highlighted that cash and other forms of fiat-related finance remain the “default” means of criminal money movements. TRM Labs also noted that while illicit activity involving crypto has increased, “crypto did not invent these criminal forms."
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