Chainalysis: Crypto Crime Falls 15% Along With Bear Market

According to a new report from Chainalysis, illicit activity involving cryptocurrency is down 15% in volume so far this year. This compares to a 36% decline in legitimate transactions. "If we dig into specific forms of cryptocurrency-based crime, we find that some have actually increased in 2022, while others have declined more than the market overall," the firm reports. According to Chainalysis, total scam revenue for 2022 is 65% lower than it was through the end of July 2021 and currently sits at $1.6 billion, which it attributes to the declining overall crypto market.