**Summary:**
The crypto market in 2023 showed signs of recovery following a challenging start, with a surge in bullish sentiment. Moreover, it saw a significant reduction in crypto scamming and illicit activities compared to the previous year, as indicated by recent findings from the American blockchain analysis firm Chainalysis.

Chainalysis released its “2024 Crypto Crime Report,” revealing a considerable drop in the value received in cryptocurrency addresses associated with illicit activities, totaling $24.2 billion in 2023, down from $39.6 billion in 2022. Additionally, the share of all crypto transaction volume linked to illicit activity decreased from 0.42% to 0.34%. The report also highlighted a shift in the types of assets involved in crypto-related crime, with stablecoins gaining popularity.

**Crypto Scamming & Illicit Activity Decline in 2023:**

In 2023, there was a significant decline in revenue from crypto scamming and hacking, while ransomware and darknet markets witnessed revenue growth. Chainalysis attributed the decrease in stolen funds to a sharp drop-off in DeFi hacking. Furthermore, the report noted that transactions involving sanctioned entities and jurisdictions drove most of the illicit activities, amounting to $14.9 billion in 2023, representing 61.5% of all illicit transactions.

**FAQ:**
1. **What is the “2024 Crypto Crime Report”?**
The “2024 Crypto Crime Report” is a publication by American blockchain analysis firm Chainalysis detailing the trends and figures of crypto-related illicit activities in 2023.

2. **What caused the decline in crypto scamming revenue in 2023?**
According to Chainalysis, the decrease in scamming revenue was influenced by broader market dynamics and a reduction in stolen funds, especially in DeFi hacking.

3. **Which assets are increasingly involved in illicit activities in the crypto market?**
Stablecoins have become a more popular choice for assets involved in illicit activities, as indicated in the report.

4. **How did sanctioned entities and jurisdictions contribute to illicit activities in 2023?**
Transactions involving sanctioned entities and jurisdictions drove most of the illicit activity in 2023, representing over 61% of all illicit transactions, according to Chainalysis.

5. **What caution should investors exercise regarding cryptocurrencies and investments?**
Investors are advised to conduct their own research before making any investment decisions, as investing carries inherent risks.

Source: [Chainalysis](https://www.chainalysis.com/blog/2024-crypto-crime-report-introduction/)

*Disclaimer: This article is for educational purposes and does not represent NewsBTC’s investment advice.*