2024 Crypto Crime Report: Darknet Markets Surge Despite Industry Efforts

The latest report from blockchain analysis firm Chainalysis has shed light on the fact that the crypto industry is still grappling with the issue of cybercrimes. According to the report, darknet markets are one of the two categories that have seen an uptick in revenue in 2023.

This means that despite the best efforts of industry players and regulatory bodies, cybercriminals are still finding ways to carry out illegal activities and profit from them. The report highlights the need for continued vigilance and proactive measures to combat cybercrime in the crypto industry.

The “2024 Crypto Crime Report” by Chainalysis, released on February 29th, 2024, reveals some interesting insights about the world of darknet marketplaces. According to the report, darknet marketplaces received revenue of at least $1.7 billion in 2023. This marks a significant increase from 2022, when authorities shut down the world’s largest darknet marketplace, Hydra. The report explains that the rebound in revenue is due to the emergence of new marketplaces that have filled the void left by the shutdown of Hydra.

Additionally, the report highlights that illegal activities such as drug trafficking, ransomware attacks, and money laundering continue to be the primary drivers of revenue for darknet marketplaces. The report also notes that cryptocurrency is the preferred payment method on these marketplaces due to its anonymity and ease of use.

Overall, the report emphasizes the need for continued efforts to combat crypto-related crimes, which pose a significant threat to the security of the digital economy.

The report clearly indicates that in 2023, OFAC sanctions associated with cryptocurrency underwent a significant shift, moving away from major darknet markets such as Garantex and Hydra, as well as mixers like Tornado Cash, and instead targeting individual actors and groups.

Also Read: https://www.blockmagic.in/blockchain-crypto-news-india/metaverse-medicine-transforming-healthcare-through-augmented-reality-and-telemedicine/

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