According to the latest report from the analytics company Chainalysis, the landscape of cryptocurrency crime has undergone significant changes. For a long time, Bitcoin was considered the primary tool for illegal operations, but the situation has changed: attackers are increasingly favoring stablecoins.
Why has the focus shifted?
The main reason is the stability of the exchange rate and ease of conversion into fiat money. Stablecoins such as USDT have become the primary asset for sanction evasion, cybercrime, and funding illegal operations. In 2023, over 60% of the volume of all illicit transactions was attributed to digital assets pegged to the US dollar.
Transparency as a trap
Although fraudsters choose stablecoins for their convenience, they overlook an important detail: centralized issuers (such as Tether) have the ability to freeze addresses upon request from law enforcement agencies. This makes stablecoins less "secure" for criminals in the long term compared to decentralized Bitcoin.
The market is evolving, and Chainalysis' tracking methods are becoming increasingly sophisticated, helping to make the crypto space safer for regular users.
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