Research: Fraud in the crypto market is losing momentum

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The volume of fraudulent activity in the cryptocurrency market decreased by 15% despite high-profile incidents. About it in the report reported Chainalysis analysts. The share of legitimate transactions in the market was 36%.

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The largest decrease in activity was recorded in the field of fraud. Compared to July 2021, fraud revenue decreased by 65% ​​to $1.6 billion. According to Chainalysis, the drop in revenue may be due to the overall decline in the performance of the cryptocurrency market.

The activity in the darknet markets has also fallen. Here, revenue decreased by 43% to ~$800 million. At the same time, analysts note that the figures could have been much higher if the German and Russian authorities had not struck a blow at the organizers of the largest darknet marketplace in April.

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The only area of ​​the crypto market where activity is growing is hacks and hacker attacks. In July 2022 alone, attackers stole $1.9 billion. For comparison, in July 2021 this figure was $1.2 billion.

According to Chainalysis, such high volumes of revenue from hacking attacks are due to the vulnerability of many decentralized finance (DeFi) applications to new attack vectors.

Attackers have used the RenBridge cross-chain bridge to launder at least $540 million since the beginning of 2020, according to research firm Elliptic. Of this amount, at least $150 million is associated with ransomware.

Moreover, Elliptic emphasized that RenBridge has become a reliable service for money laundering by cyber groups associated with the Russian Federation. According to the researchers, the project was used by hackers from the Conti group, who laundered more than $53 million.

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Source: Cryptocurrency

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