Bitrace Report: Crypto Fraud Soars as Stablecoin Activity Explodes

Bitrace’s annual crypto crime report offers a sobering glimpse into the escalating threat of fraud in the cryptocurrency space. The report reveals a dramatic surge in stablecoin transactions linked to fraudulent activities, with total funds exceeding $52.5 billion in 2024, a staggering increase from previous years. This rise in criminal activity is driving a significant shift towards regulatory action. Notably, Tether and Circle collaborated with law enforcement to freeze over $1.3 billion of stablecoins on the Ethereum and Tron networks during 2024, marking a doubling of the past three years’ efforts.