Bitrace releases annual crypto crime report: Crypto fraud scale and stablecoin chain freeze activity significantly increase in 2024

BlockBeats news, on April 29th, according to official sources, Bitrace released its annual report on crypto crime, stating that the scale of crypto fraud has sharply increased, with an explosive growth in the collection of stablecoins and blockchain addresses associated with fraudulent activities in 2024. Compared to 2021-2023, the funding scale for that year has reached 52.5 billion US dollars, exceeding the total amount of previous years. In addition, there has been a significant increase in freezing activities on the stablecoin chain. 2024 is a year when stablecoin issuers actively cooperate with law enforcement. Tether and Circle have jointly frozen stablecoins worth over $1.3 billion in Ethereum and the Tron network, which is twice the size of the previous three years' freeze. Regulation has brought positive impacts to Hong Kong. From a global perspective, major regulatory agencies have shifted their attitude towards cryptocurrency from a wait-and-see approach to more active involvement, driving the industry towards a more standardized and transparent direction. Hong Kong's compliance policy has built a safer and more controllable cryptocurrency ecosystem through clear legal requirements, customer fund protection, cracking down on illegal activities, attracting institutional funds, and aligning with international standards. This not only reduces direct financial losses caused by hacker attacks, platform bankruptcies, or legal penalties, but also reduces indirect risks by enhancing market trust and stability.