Recent reports from blockchain analytics firm Chainalysis have revealed a decline in the revenue generated by cryptocurrency-related crime. However, the report also highlighted an increase in ransomware attacks, which have become one of the most common forms of crypto crime.

The report found that the total revenue generated by cryptocurrency-related crime dropped by more than 50% in 2020, from $4.4 billion in 2019 to $2.3 billion. This decrease was largely attributed to the decline in activity on darknet marketplaces, which are used to facilitate the sale of illicit goods and services. The report also noted that the amount of funds stolen through hacks and scams also declined significantly.

Despite the overall decline in crypto crime revenue, the report found that ransomware attacks have become increasingly common. Ransomware attacks involve hackers encrypting a victim’s data and demanding a ransom payment in cryptocurrency in exchange for a decryption key. The report found that ransomware attacks were responsible for more than $350 million in losses in 2020, up from $170 million in 2019.

The report also highlighted the growing use of decentralized finance (DeFi) protocols as a target for crypto crime. DeFi protocols are used to facilitate financial transactions on the blockchain, and the report found that these protocols were increasingly targeted by hackers looking to steal funds. In 2020, more than $100 million was stolen from DeFi protocols, up from just $25 million in 2019.

Overall, the Chainalysis report provides a valuable insight into the state of cryptocurrency-related crime. While the overall revenue generated by crypto crime has declined, ransomware attacks and DeFi hacks are becoming increasingly common. It is therefore important for users to remain vigilant and take steps to protect their funds from malicious actors.