Bitcoin no longer crypto of choice for illicit crypto activity: TRM Labs

According to new research, fewer cybercriminals are turning to Bitcoin as their primary method of moving illegal funds, with bad stars deciding to go back to fiat channels or picking other cryptocurrencies.Digital possession compliance and danger management firm TRM Labs exposed that illegal financing volumes including Bitcoin (BTC) had fallen substantially over the previous seven years, according to its “Illicit Crypto Ecosystem Report,” released on June 28. Source: TRM Labs” The multi-chain age has actually had a sweeping impact on the distribution of illicit crypto volume as an entire,” it noted, adding that Bitcoins share of illegal deals plummeted from 97% in 2016 to simply 19% in 2022. Source: TRM LabsThe most current illicit financing figures in crypto might be brighter news for Bitcoin, which in recent days looks to be back on the table for institutional adoption.However, the cryptocurrency saw at least $7.8 billion paid into Ponzi and pyramid schemes, as much as $1.5 billion was invested on darknet markets specializing in narcotics, and $3.7 billion was stolen through DeFi hacks and exploits in 2022, according to TRM Labs.Related: North Korea and criminals are utilizing DeFi services for money launderingEarlier this year, Cointelegraph reported that 2022 set a new record for illicit crypto deals.