Tron’s (TRX) Illicit Crypto Transactions Plummet by 50%: TRM’s Crime Report

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According to a recent report from TRM Labs, the Tron (TRX) blockchain has seen the largest decrease in illicit cryptocurrency transactions, with a 24% drop in illegal transfer volume to approximately $45 billion. This represents just 0.4% of all crypto transfers, contradicting the common criticism that crypto technologies facilitate illicit activities.

Tron (TRX) sees largest drop in illicit crypto transfers, report says

As a researcher, I find it noteworthy to share that in the year 2024, the Tron (TRX) blockchain experienced a significant reduction in illicit transfers, amounting to approximately $6 billion. This decrease represents nearly half (50%) of such activities within the total blockchain transaction volume, as reported in the 2024 Crypto Crime Report by TRM Labs. Despite this progress, it’s important to note that Tron (TRX) still accounts for a substantial 58% share of all illegal crypto transactions.

In our most recent article, you’ll find a sneak peek into our forthcoming 2024 Cryptocurrency Crime Report – revealing crucial insights and statistics related to crypto-related crimes, sanctions, fraud, terrorist financing, ransomware attacks, hacks, and illicit drug transactions. Don’t forget to check it out here! 👉

— TRM Labs (@trmlabs) January 15, 2025

In this ranking, Tron (TRX) joins Ethereum (holding 24% of the total illegal transactions), Bitcoin (with 12%), Binance Smart Chain and Polygon (each accounting for 3%). This shift indicates a persistent inclination towards blockchains that offer affordable transaction costs, smart contract functionality, and widely-used stablecoins, according to experts. Consequently, the hub of crypto criminal activity seems to have moved away from privacy-focused cryptocurrencies such as Monero (XMR) and ZCash (ZEC).

As an analyst, I am thrilled to express my appreciation for the recent achievement of Tron (TRX) founder Justin Sun. His optimism about the potential of our anti-fraud collaboration with TRM Labs and Tether, the USDT issuer, within the T3 FCU alliance launched in Q3, 2024, is truly inspiring. This partnership holds great promise for the future, and I eagerly anticipate its success.

The figures clearly demonstrate their triumph, and the impressive achievements of T3 FCU thus far are merely a prelude to even greater accomplishments ahead.

Overall, the largest categories for funds transferred illegally through cryptocurrency transactions involved amounts going to sanctioned countries and entities, transactions linked to blocked accounts, and funds associated with fraudulent activities.

$2,200,000,000 stolen in crypto hacks in 2024

The amount of funds going to sanctioned entities decreased to approximately $14.8 billion, as the U.S. Office of Foreign Assets Control (OFAC) imposed restrictions on 86 cryptocurrency accounts linked to specified countries and organizations.

In 2024, fraudulent transactions dropped by 40%, amounting to more than $10.4 billion. Experts at TRM Labs link this downward trend to a global decrease in Ponzi schemes.

Instead, it’s worth noting that two areas saw significant growth in 2024: the illicit sale of drugs using cryptocurrencies and blockchain services, as well as cyberattacks targeting blockchain services for financial gain. Hackers moved approximately $2.2 billion in funds, while darknet online marketplaces facilitating drug transactions amounted to around $2.4 billion. It’s estimated that North Korean hackers could be connected to as much as $800 million of the money transferred from these hacked services.

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2025-01-17 19:11