A new report by TRM Labs reveals that Tron (TRX) blockchain achieved the most significant decrease in illicit cryptocurrency activity, with a 24% drop to $45 billion. Despite this, illicit activity still represents a tiny fraction (0.4%) of overall cryptocurrency transfers.
Tron ( TRX ) blockchain achieved a significant milestone by recording the largest reduction in illicit cryptocurrency activity, according to a recent report published by TRM Labs. The volume of illegal transfers plummeted by 24% to $45 billion. While cryptocurrencies have faced criticism for potentially facilitating illicit activities, this illicit activity still represents a minuscule 0.4% of the overall cryptocurrency transfer volume.
In 2024, the Tron (TRX) blockchain witnessed a dramatic decrease in illicit transfers, amounting to $6 billion. This effectively halved the proportion of such activity within the aggregated blockchain turnover. Tron (TRX) shares this accomplishment with other prominent blockchains, including Ethereum (with a 24% drop in illicit volume), Bitcoin (12%), Binance Smart Chain, and Polygon (both experiencing a 3% decrease). Analysts attribute this trend to the rising popularity of blockchains that offer low transaction fees, support smart contracts, and host widely used stablecoins. Consequently, the focus of illicit activity within the cryptocurrency space has shifted away from privacy-centric cryptocurrencies like Monero (XMR) and ZCash (ZEC).Tron (TRX) founder Justin Sun has publicly expressed his satisfaction with this achievement and his optimism regarding the potential for collaborative anti-fraud efforts. He highlighted the alliance formed in the third quarter of 2024, known as the TRM Labs and Tether (USDT) issuer collaboration within the T3 FCU. This alliance aims to combat illicit activities within the cryptocurrency ecosystem. The report further revealed that the three largest categories of illicit funds involved transfers to sanctioned entities and individuals, operations with blocked accounts, and fraud-related transactions. Transfers to sanctioned entities declined to $14.8 billion, partly attributed to the U.S. Office of Foreign Assets Control (OFAC) sanctioning 86 cryptocurrency addresses linked to designated jurisdictions and groups. Fraud-related transactions saw a 40% decrease but still amounted to over $10.4 billion. TRM Labs experts believe this decrease is linked to a global decline in Ponzi schemes. Conversely, the report identified two growing categories of illicit activity: the sale of illegal drugs using cryptocurrencies and hacks targeting blockchain services. Hackers siphoned off $2.2 billion in funds, while darknet online drug marketplaces processed a staggering $2.4 billion. North Korean hackers are suspected to be responsible for at least $800 million of the funds transferred from compromised services
Tron TRX Blockchain Crypto Crime TRM Labs Illicit Activity Cryptocurrency Transfers Justin Sun Anti-Fraud Collaboration
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