Despite crypto downturn illicit activity outpaces legitimate uses 1 Cryptocurrency-related crime still booming despite market downturn

Cryptocurrency-related crime still booming despite market downturn

– In 2022, illegal activity in the cryptocurrency market was stronger than legitimate activity, despite the decline in the cryptocurrency market.
– The total value of cryptocurrency scams in 2022 is estimated to be $1.6 billion, a 65% decrease from the same period in 2021.
– However, the total value of cryptocurrency hacks in 2022 is estimated to be $1.9 billion, a 58% increase from the same period in 2021.
– It is believed that the North Korean state-sponsored Lazarus Group is responsible for both the hacks and scams.

 

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