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They calculated cryptocurrency losses from hackers and fraudsters

Bitcoin’s popularity has significantly declined among hackers and fraudsters
(photo: CC0 Public Domain)

SCryptocurrency investors have lost a total of $11.5 billion in assets in 2022 as a result of the activity of hackers and fraudsters, established study of the analysts from TRM Labs.

Despite the collapse of the cryptocurrency’s quotations, the volume of related crimes in dollar terms has not changed much since 2021. Bitcoin is used less and less by cybercriminals, the analysis shows.

At least $7.8 billion in cryptocurrency was invested in pyramid schemes in 2022, and $3.7 billion was stolen. The amount spent on illicit substances on the dark web is $1.5 billion.

An estimated $2 billion has been stolen as a result of attacks on cross-network bridges – services that offer the transfer of funds from one blockchain to another. Cybercriminals are increasingly choosing this attack model to make the movement of assets more difficult to trace.

The popularity of Bitcoin has significantly decreased among hackers and fraudsters: if in 2016 the largest cryptocurrency accounted for two-thirds of thefts, then in 2022 Bitcoin will take only 3% of this activity. Blockchains Ethereum (68%) and Binance Smart Chain (19%) have become more popular among cybercriminals.

Bitcoin is also losing its importance in another criminal scheme: in 2016, it was the only cryptocurrency used to finance terrorism. And in 2022, the TRON blockchain is mostly used for the same purpose – the share of assets built on this network reached 92%. TRON’s popularity is due to its low fees – the same reason the stablecoin USDT’s turnover is growing.

In May 2023, cybercriminals stole $71 million in cryptocurrencies. And in June, the biggest hack this year was registered – more than 100 million dollars were stolen from users of the Atomic Wallet crypto-wallet.

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