June 28 (Cointime) - New research from TRM Labs shows that cybercriminals are using Bitcoin less frequently as their primary method of moving illicit funds. Instead, they are turning to fiat channels or other cryptocurrencies due to the rise of the multichain era.
While illicit activity involving crypto has increased, cash and other forms of fiat-related finance remain the default means of criminal money movements. Bitcoin's share of illicit transactions has plummeted from 97% in 2016 to just 19% in 2022, with Ethereum and BNB Smart Chain taking up the slack.
However, Bitcoin still saw significant amounts of money paid into Ponzi and pyramid schemes, spent on darknet markets specializing in narcotics, and stolen through DeFi hacks and exploits in 2022.
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