In recent years, as the cryptocurrency industry has rapidly developed, it has also attracted an increasing number of criminals. By 2025, the characteristics of the so-called "crypto crime supercycle" have become more pronounced. From on-chain fraud and hacking attacks to traces of money laundering and terrorist financing, cybercrime organizations, state-sponsored hackers, and insider threats have become frequent, suggesting that the crypto world is entering a "high crime period." This not only poses a serious challenge to industry trust but also intensifies the pressure and restructuring from global regulatory agencies on the entire crypto ecosystem.
Unlike the "opportunistic" attacks of earlier years that exploited code vulnerabilities, current hacking behaviors exhibit a clear trend of "strategization" and "politicization." The attack on Iran's largest exchange, Nobitex, by a suspected pro-Israel hacker group is not merely about financial plunder; it resembles an economic war. Such incidents indicate that crypto platforms are no longer just technical laboratories but have become crucial nodes in the competition for digital financial influence among nations and organizations.
Some hacker activities that initiate attacks in the form of "vanity address" have also gradually taken on "symbolic" characteristics, no longer hiding their political stance. This means that attackers in the crypto space not only seek funds but also aim for victories in public opinion and psychological warfare. The threats facing the entire industry have evolved from "security technology issues" to "comprehensive national security issues."
Apart from state-level attackers, the Web3-native "on-chain fraud economy" continues to proliferate. Phishing contracts disguised as airdrops, DEX trading, NFT minting, wallet authorization inducements, token pump-and-dump schemes, and pseudo-KOL manipulation techniques are constantly being updated.
Fraud is no longer reliant solely on "blunt promises" but resembles a sophisticated operational system: building project websites, writing white papers, publishing audit reports, creating on-chain transaction records, and introducing fake community activity. This trend of "productizing" fraud makes it easy for novice users to fall for scams, and even some experienced investors find it difficult to distinguish between genuine and fake projects.
These "pseudo-projects" typically have very short lifecycles, measured in hours, completing a round of harvesting before quickly "relocating." The "guerrilla warfare" style of operation in the crypto space further exacerbates users' risk exposure.
The anonymity and decentralization of cryptocurrencies, originally an extension of technological idealism, have now become the preferred tools for money laundering and circumventing sanctions. On-chain data shows that in several high-risk countries, crypto stablecoins have even become mainstream trading currencies.
This has not only attracted regulatory attention but also placed stablecoin issuers in a dilemma: on one hand, they are important tools for cross-border payments and dollar exports; on the other hand, if they become entangled with illegal financial activities, they risk government scrutiny or bans. For example, Tether's USDT has been widely used in multiple instances of online fraud, drug trafficking, and hacker fund transfers, prompting the U.S. and the EU to increasingly focus on the on-chain auditability and transparency of stablecoins.
In the future, the "compliance battle" surrounding stablecoins may become the core battleground in the game between regulators and the crypto industry.
In the face of increasingly frequent crypto crimes, regions such as the United States, the EU, Hong Kong, and Singapore are accelerating regulatory responses, from KYC/AML requirements to wallet reviews, project filings, and the establishment of transaction monitoring mechanisms. The U.S. Treasury has even proposed bringing DeFi protocols under the purview of the Bank Secrecy Act.
However, the problem lies in the fact that the essence of the crypto industry is decentralization and resistance to censorship—whenever one jurisdiction strengthens regulation, funds and developers often "quickly migrate" to another relatively lenient area, creating a paradoxical cycle of "the more regulation, the more decentralization."
Before a unified global crypto governance framework is established, this "gray area" will only further stimulate the survival soil for illegal activities. This is also a key background for the formation of the "crypto crime supercycle."
In the face of this "super crime cycle," the key way out for the crypto industry may no longer be to "continue evading regulation," but to actively build trust mechanisms and align more closely with traditional finance. Upgrading technology and systems in areas such as on-chain identity verification (DID), compliance chain audits, multi-signature custody, DAO governance optimization, and anti-money laundering mechanisms may fundamentally rebuild trust between users and platforms.
The past idealism of "code is law" has been shattered in hundreds of attacks and exit scams. The new reality demands that the crypto industry must self-evolve, set thresholds, establish trust, and introduce external constraints, rather than allowing technology to become a breeding ground for crime.
The arrival of the "crypto crime supercycle" is both a direct consequence of the misuse of technology and a warning of the imbalance between regulation and the market. This cycle may continue for several years and evolve further. However, the more chaotic the moment, the more the industry needs to reflect calmly: can the future crypto world find a new balance between freedom and order? The road to rebuilding trust may have only just begun.
Related: Bitcoin (BTC) supply tightening intensifies, "ancient" holders outnumber newly minted bitcoins.
Original article: “The Onset of a Crypto Crime Supercycle: Industry Trust Crisis and Regulatory Game Intensify”
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