Bitcoin no longer asset of choice for criminals – former Elliptic crypto advisor

Crime in Web3 is shifting away from Bitcoin (

Criminals are finding more sophisticated ways to launder funds. Annison said chain swapping and asset swapping is prevalent as criminals try to hide illicit activity.

“We’ve seen that to the tune of about $4.1 billion. So they hop across using a dex. They use a coin swap service, they use a mixer, they use a bridge, all basically to try and throw blockchain analytics firms off the trail.”

Annison said that $1.2 billion stolen from DEXs eventually ends up on centralized exchanges. In comparison to previous years, scams in the sector are down 46%. The reason, according to Annison, is the ongoing bear market which has inevitably made the sector less appealing for cybercriminals.

“They’re less hyped up, the prices are lower, so it’s not as profitable for criminals. So at least next time we’re in a bear market. Do bear in mind that the scams are at least down.”

Annison also touched in the increasing use of cryptocurrencies to evade sanctions and finance terrorist activities, highlighting TRON and USDT as popular assets for illicit use.

The advent of metaverse experiences has also seen the space attract nefarious actors. Various crimes are also emerging in virtual worlds, including phishing attacks, NFT theft, wallet tainting, and augmented reality hacks.

Annison’s presentation highlighted the reality of criminal activity in the sector, which will demand increased vigilance and security measures to protect users and combat illicit activities.

Magazine: US enforcement agencies are turning up the heat on crypto-related crime