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Tether stood out as the most favored choice for illicit activities among all stablecoins last year, according to recent data.
Tether has taken the lead among stablecoins as the most utilized for illicit purposes. As per a recent Bloomberg report, Tether stood out as the top choice for alleged illegal activities in the previous year. This trend contrasts with a general decline in unlawful crypto-related activities.
Tether Ranks as the Top Choice Stablecoin for Unlawful Activity
According to TRM Labs, as highlighted by Bloomberg, Tether stood out as the leading stablecoin for unlawful activities within the cryptocurrency realm last year. This occurred amidst a decline in the overall volume of illicit transactions in the space, as increased regulatory scrutiny targeted digital asset companies. In 2023, Tether’s USDT token was linked to $19.3 billion in unlawful transactions, a decrease from $24.7 billion the year prior, as reported by TRM Labs, a blockchain analytics firm, through a report and email responses.
Illegal Activities in Crypto Plummeted in 2023
Following the upheavals, controversies, and price fluctuations of 2022, the Bitcoin market rebounded in 2023, as indicated by a Chainalysis report. Notably, the inflow of funds to unofficial cryptocurrency addresses notably decreased, amounting to a total of $24.2 billion in 2023.
Despite this, Bitcoin remains a primary platform for certain illicit cryptocurrency activities, including ransomware extortion and transactions on darknet markets. Conversely, issuers of stablecoins possess the authority to freeze funds upon detection of unlawful usage. Tether recently exercised this measure with addresses associated with terrorism and conflicts in Israel and Ukraine.
Ransomware Continues to Pose a Menace
In contrast to prevailing patterns, two prominent forms of cryptocurrency-related crime—ransomware and darknet markets—experienced a surge in revenue during 2023. Following the significant declines observed in the previous year, the upturn in ransomware earnings is concerning.
Nonetheless, it suggests that ransomware attackers may have adjusted their tactics in response to enhanced cybersecurity measures implemented by enterprises—an observation noted for the first time this year.
When analyzing the volume of illicit transactions, the significance of transactions linked to sanctions becomes strikingly clear. In 2023, transactions involving sanctioned entities and countries totaled $14.9 billion, representing 61.5% of the overall volume of unlawful transactions assessed for that year.
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