Crypto crime hits highs as thieves track buzz, report shows


Scams and rug pulls proliferated in the year, where developers of what seemed like legitimate projects merely set up wallets to take investors’ money and run. — Bloomberg

Crypto criminals made off like bandits as digital assets spiked in popularity, according to a 2022 cryptocurrency crime report.

Illicit transactions jumped nearly 80% to US$14bil (RM58bil), an all-time high, in 2021, according to blockchain analytics firm Chainalysis. Overall transaction volume jumped 567%, which shows legitimate transactions outpaced crime. Yet, illegal activity is tracking popular growth categories in crypto, including decentralised finance, or DeFi projects, the data show.

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