The multi-chain era has had a sweeping impact on the distribution of illicit crypto volume as a whole, where Bitcoin's share plummeted from 97% in 2016 to 19% in 2022. In 2016, two thirds of crypto hack volume was on Bitcoin; in 2022, it accounted for just under 3%, with Ethereum (68%) and Binance Smart Chain (19%) dominating the field. And while Bitcoin was the exclusive currency for terrorist financing in 2016, by 2022 it was all but replaced by assets on the TRON blockchain, with 92%.
This move offers some key learnings from a policy perspective. It highlights the need for policymakers to closely study specific assets and blockchains that are currently being favored by illicit actors and take appropriate action. More importantly, it provides an opportune moment to replace the current, generic perspective on digital assets with a more nuanced one, while shaping policy narratives on criminal usage.
#bitcoin #crypto-volume #ethereum #binance-smart-chain #illicit-activity #policy-perspective #blockchain #policymakers
[
add
]
[
|
|
...
]