A new report from Bitrace reveals a significant spike in crypto-related fraud, reaching a staggering $52.5 billion in 2024. The report pinpoints stablecoin embezzlement as a major driver of this increase. Notably, regulatory action against these fraudulent activities has doubled over the past three years, with Tether and Circle freezing billions in suspicious funds. This surge reflects growing vulnerabilities in the crypto industry, prompting regulatory authorities to intensify their efforts. 2024 saw record-breaking freeze actions on stablecoins, exceeding those of previous years. Bitrace’s findings highlight the urgent need for preventative measures and improved system security. The report underscores that regulators are actively working with law enforcement to address these challenges and ensure a more secure crypto market.