Criminals are shifting away from using Bitcoin, with the accessibility of stablecoins becoming a big draw card.
Crime in Web3 is shifting away from Bitcoin to stablecoins while ponzi schemes remain prevalent, according to Elliptic’s former head of technical crypto advisory.
“The criminals use that as a target point. It's also super easy to launder through Dex's. There's deep liquidity, really good volume, so that's pretty worrying.” Ponzi and pyramid schemes remain a feature of the sector, with Annison noting that $7.8 billion were stolen from unwitting victims of these types of scams.Criminals are finding more sophisticated ways to launder funds. Annison said chain swapping and asset swapping is prevalent as criminals try to hide illicit activity.
“They're less hyped up, the prices are lower, so it's not as profitable for criminals. So at least next time we're in a bear market. Do bear in mind that the scams are at least down.”
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