Posted 1/18/2024, 2:00:00 PM
Stablecoins Fuel $40B in Crypto Crime Since 2022, Far Outpacing Legitimate Growth
- Stablecoins enabled $40 billion in crypto crime since 2022, far outpacing their overall growth
- They're popular for sanctions evasion and scams due to their stability vs volatility of cryptos like Bitcoin
- 70% of crypto scam transactions in 2023 used stablecoins; 84% of payments to sanctioned entities used them
- UN report singles out Tether on TRON network as preferred for regional cyberfraud and money laundering
- Tether freezes some funds but illicit stablecoin transactions still dwarf those efforts so far