A favorite target of cybercriminals for a long time, bitcoin (BTC) is no longer of such interest to hackers. At least that’s what a recent report from TRM Labs reveals. The queen of cryptocurrencies has lost its luster with hackers over the years. They now prefer to turn to other methods for their illicit transactions.
A cryptocurrency that has become unfavorable to illicit activities over the years
While acts of hacking have dropped considerably in 2023 in the crypto industry, the interest of cybercriminals in bitcoin has almost disappeared over time. In 2016, bitcoin was involved in more than two-thirds of cryptocurrency hacks. However, the situation seems to have changed since then.
In its recent report entitled “Illicit Crypto Ecosystem Report”, TRM LABS reveals that the volume of bitcoin in crypto hacking has declined tremendously over the past seven years. According to figures from the digital asset compliance and risk management firm, bitcoin was down to less than 3% of crypto piracy volume in 2022.
Hackers turned to Ethereum and BNB Smart Chain which account for 68% and 19% of total crypto hack volume, respectively. In addition, bitcoin has also lost its status as the “exclusive currency” for terrorist financing in favor of tron (TRX). In 2022, TRX with 92% was the most used cryptocurrency for the transfer of funds used to finance terrorism, according to TRM Labs.
The company also reveals that cash and other fiat-related payment methods are also widely used for illicit activities. ” Indeed, cash and even older forms of financing such as hawala (transferring money without physically moving it) remain the default means by which illicit activity is financed and its proceeds laundered. she said in her report.
Reasons for cybercriminals’ disinterest in bitcoin
The most obvious reason for the hackers’ disinterest in the queen of cryptocurrencies is that the Bitcoin network has acquired better security over the years. Always looking for easy prey, cybercriminals have repeatedly come up against the security of the network of the flagship cryptocurrency and have therefore turned to easier options.
The increase in the value of bitcoin in recent years could also explain the disinterestedness of cybercriminals. The latter prefer digital assets or currencies with little value to avoid attracting attention.
Currently in an uptrend and coveted by institutional investors including BlackRock which recently filed for a Bitcoin ETF, bitcoin is also visibly safe from hacks. A news that will certainly delight bitcoiners.
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