About Half of Illegal Crypto Transactions Happen on Tron

In 2023, about $34.9 billion in cryptocurrency involved in illegal transactions. At the same time, 45% of transactions occurred on the Tron network. Ethereum and Bitcoin networks accounted for another 24% and 18%, respectively.

According to the TRM Labs report, the Tron blockchain network was one of the critical nodes of the illicit crypto economy in 2023. Thus, analysts revealed that about 45% of illegal cryptocurrency transactions last year were made on the Tron network.

At the same time, 24% and 18% of illegal transactions were made in the Ethereum and Bitcoin networks, respectively. Stablecoin Tether (USDT) became the most popular digital asset for illegal transactions in 2023 — about 1.63% of the total volume of transactions using it (~$19.3 billion) analysts attributed to questionable operations.

In 2022, the Tron blockchain network accounted for about 41% of the volume of illicit transactions, indicating an increase in the network’s use in the illicit crypto economy. Analysts noted that most actively in 2023, the USDT stablecoin in the Tron network was used to finance terrorism — the volume of this type of transaction increased by 125%.

Earlier, Bitrace analysts discovered that about $64.25 billion was laundered in the Tron network over the past 1.5 years.

TRM analysts also found that in 2023, $34.9 billion in cryptocurrency was involved in illegal operations, which is 29% less than in 2022. About a third of that amount was attributed to fraudulent cryptocurrency schemes and scams of various kinds — total assets moved to addresses that TRM analysts linked to fraudsters totaled $12.5 billion in 2023.

During 2023, $1.6 billion worth of cryptocurrency was used to buy drugs on the darknet. Another roughly $1.8 billion was stolen from crypto attacks, about half of which were carried out by hackers from North Korea. Earlier Chainalysis analysts claimed that North Korean hacker groups account for only one-third of all attacks on Web3 Projects.

Circle stopped minting USDC stablecoins in the Tron network, explaining its decision to comply with regulatory requirements. However, Tether plans to continue to support Tron despite the opinion about its active use in the shadow economy of Southeast Asia.

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