Crypto scams have declined, but hackers remain resilient in bearish markets

When it comes to crime, illicit activity is still abundant regardless of crypto volatility, according to a new Chainalysis report.

“Cryptocurrency transaction volumes this year for both illicit and legitimate entities are tracking behind 2021 through July,” the report stated. “Overall, criminal activity appears to be more resilient in the face of price declines: Illicit volumes are down just 15% year over year, compared to 36% for legitimate volumes.”

But there’s nuance in the apparent downturn in illicit activity – some subsectors of crypto-based crime have increased in 2022, while others declined.

“The main drivers of declining illicit activity are: macroeconomic conditions, increased law enforcement wins, and a general acceptance by consumers that cryptocurrency is not the anonymous source of payment that it once was considered to be,” Kim Grauer, director of research at Chainalysis, said to TechCrunch.