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Chainalysis observes decrease in cryptocurrency crime in 2023

Chainalysis reports a significant decline in illicit cryptocurrency activity from 2022 to 2023, with funds sent to illicit addresses dropping from $39.6 billion to $24.2 billion. The decrease is attributed to fewer scams, hacks, and improved security in DeFi protocols. Despite this positive trend, the report notes that sanctioned entities accounted for a substantial $14.9 billion of transaction volume in 2023, with Russian cryptocurrency exchange Garantex being a significant contributor. Payments related to ransomware also saw an increase, suggesting cybercriminals are adapting to cybersecurity improvements.

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