Bitrace Releases Annual Crypto Crime Report: Crypto Fraud Funds to Reach $525 Billion by 2024, Stablecoin On-Chain Freezing Activity Significantly Increases

BlockBeats News, April 29th, according to official sources, Bitrace released its annual Crypto Crime Report, pointing out that the scale of crypto fraud has seen a sharp increase, with the 2024 stablecoin seizure volume exploding. Compared to 2021-2023, the fund size for the year has reached $52.5 billion, exceeding the sum of previous years.

In addition, on-chain stablecoin freezing activities have significantly increased. 2024 was a year in which stablecoin issuers actively cooperated with law enforcement. Tether and Circle collectively froze stablecoins worth over $1.3 billion on the Ethereum and TRON networks, which is double the freezing volume of the previous three years.

Regulation has brought a positive impact to Hong Kong. From a global perspective, major regulatory agencies have shifted their stance on cryptocurrency from observation to more active intervention, driving the industry towards a more standardized and transparent direction. Hong Kong's compliance policies have established a more secure and controllable crypto ecosystem through clear legal requirements, customer fund protection, combating illegal activities, attracting institutional funds, and aligning with international standards. This has not only reduced direct fund losses from hacker attacks, platform bankruptcies, or legal penalties but has also mitigated indirect risks by enhancing market trust and stability.