A new report by TRM Labs found that criminals favored cross-chain assets over Bitcoin (BTC) for terrorist financing and other crimes in 2022.

According to the new report, Bitcoin’s use in criminal activities fell 97% from 2016 to under one-fifth in 2022.

New Report Finds Bitcoin Use in Terrorist Financing Rose 78%

Bitcoin spending only accounted for under 10% of sales on darknet marketplaces last year. Russian marketplaces accounted for 80% of the $1.4 billion spent on the darknet. Darknet marketplaces traffic illegal goods, stolen financial information, and exploitative materials related to minors.

Scammers promise customers unlawful material involving children but disappear after receiving funds. TRM Labs’ report counted about two-thirds of crypto transfers was sent to scam addresses.

According to a 2022 International Monetary Fund Report, higher crypto usage is empirically linked to territories with higher perceived corruption and weak capital controls. Bitcoin’s use in terror financing rose 78% in 2022, compared to Tether, whose use rose by 240%.

Assets on the TRON blockchain largely replaced Bitcoin’s share in terrorist financing.

Criminals in Syria have recently started looking at decentralized exchanges’ potential for terrorist fina

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Author: David Thomas

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