Exploring the Decline in Crypto Scams and Evolving Scamming Activities

The highly anticipated Chainalysis 2024 Crypto Crime Report is being downloaded worldwide and Ian Andrews (CMO, Chainalysis) speaks to the driving forces behind the report, Eric Jardine (Cybercrimes Research Lead, Chainalysis) and Kim Grauer (Director of Research, Chainalysis) to talk about what groundbreaking data they uncovered. 

The trio dive into the most surprising and interesting trends discovered during their research, including the resurgence of Tornado Cash, the increase in ransomware attacks, the decline in stolen funds from crypto platforms and the use of stablecoins in illicit activities.

Eric also goes in depth about the evolving landscape of Darknet markets and Kim highlights the prevalence of market manipulation and how more data is moving on-chain with respect to ransomware-as-a-service infrastructures. 

The conversation also explores the impact of sanctions on crypto activities, the effectiveness of law enforcement interventions and the ongoing challenges in tracking and preventing scams in the cryptocurrency space.

• (1:35) - Surprising resurgence of Tornado Cash, record high ransomware payouts and hacking declining 
• (4:20) - Ransomware reaching an all-time high of over a billion dollars
• (12:50) - Dynamic ecosystem of ransomware actors and the adaptability of strains
• (18:50) - Debate on whether DeFi platforms are getting safer or if hacking them is becoming less lucrative
• (24:21) - Stablecoins now account for 60% of overall transactional activity but increased usage for illicit activity and sanctions evasion
• (27:50) - Discussion on the effectiveness of sanctions as a tool in the crypto world and the uptick in Tornado Cash usage
• (32:25) - Shifts and developments in the Darknet market ecosystem
• (37:38) - Market manipulation and pump and dump schemes on newly minted tokens

Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.

• Report: The Chainalysis 2024 Crypto Crime Report (Download Today)
• Website: Chainalysis: We are paving the way for a global economy built on blockchains
• Event: Chainalysis Links Conference NYC 2024 (Apr. 9-10, 2024) - Early Bird Pricing On Now!
• Blog: 54% of ERC-20 Tokens Listed on DEXes in 2023 Display Patterns That May Be Suggestive of Pump and Dump Schemes
• Blog: The On-chain Footprint of Southeast Asia’s ‘Pig Butchering’ Compounds: Human Trafficking, Ransoms, and Hundreds of Millions Scammed
• Podcast: Ep. 44 - Everything You Need To Know About Crypto Market Manipulation
• YouTube: Chainalysis YouTube page
• Twitter: Chainalysis Twitter: Building trust in blockchain
• Tik Tok: Building trust in #blockchains among people, businesses, and governments.
• Telegram: Chainalysis on Telegram 

• Ian Andrews * Host * (Chief Marketing Officer, Chainalysis) 
• Eric Jardine (Cybercrimes Research Lead, Chainalysis) 
• Kim Grauer (Director of Research, Chainalysis)

This website may contain links to third-party sites that are not under the control of Chainalysis, Inc. or its affiliates (collectively “Chainalysis”). Access to such information does not imply association with, endorsement of, approval of, or recommendation by Chainalysis of the site or its operators, and Chainalysis is not responsible for the products, services, or other content hosted therein.

Our podcasts are for informational purposes only, and are not intended to provide legal, tax, financial, or investment advice. Listeners should consult their own advisors before making these types of decisions. Chainalysis has no responsibility or liability for any decision made or any other acts or omissions in connection with your use of this material.

Chainalysis does not guarantee or warrant the accuracy, completeness, timeliness, suitability or validity of the information in any particular podcast and will not be responsible for any claim attributable to errors, omissions, or other inaccuracies of any part of such material. 

Unless stated otherwise, reference to any specific product or entity does not constitute an endorsement or recommendation by Chainalysis. The views expressed by guests are their own and their appearance on the program does not imply an endorsement of them or any entity they represent. Views and opinions expressed by Chainalysis employees are those of the employees and do not necessarily reflect the views of the company.