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Tron Foundation and Tron token have flourished significantly in the past few years and illicit activities is believed to be the main driver of this growth. Initially, it started operating on the Ethereum blockchain but later shifted towards its in-house blockchain.
TRM Labs, a blockchain analysis firm, released its report titled “ The Illicit Crypto Economy” on March 27, 2024. The report discusses all aspects of crypto and illegal activities in 2023.
The published document highlights that “Tron Network accounted for 45% of all illicit volume in 2023.” Primarily, the Tron was established by Justin Sun, who completed his education at Peking University and the University of Pennsylvania.
Forbes Asia also recognized Sun in its 30 under 30 series for entrepreneurs; he is a resident of China. The Tron Blockchain network accounted for the most illicit activities in 2023 with 45%; in 2022, the percentage was 41.
As per the TRM Labs, the Tron network is the most preferred network for hackers, especially those associated with North Korea. The firm claims bad actors frequently exchange the stolen currency over the network.
However, the analysis firm reports that Tether (USDT) has evolved as the most preferred cryptocurrency for terror funding. From the total volume of USDT in 2023, $19 billion worth of illicit funds were operated using USDT.
USD Coin (USDC) illicit volume in 2023 was $428.9 Million; several analysts say stablecoin is convenient to use or exchange. The usage of cryptocurrency on the dark web has surged in drug sales in 2023.
Tron was also primarily used for drug deals compared to other renowned blockchains and cryptocurrencies.
What Are Stablecoins, And How Big Is The Stablecoin Market?
Stablecoins are token versions of cash designed to keep the value stable. They bridge traditional money and blockchain-based digital asset markets and provide market participants with liquidity for trading and lending.
As per the data of CoinMarketCap, the entire market capitalization of the stablecoin market is $150,403,152,141. Tether (USDT) has the largest market capitalization of $104.53 Billion, USDC (USDC) $32.43 Billion, Dai (DAI) $5.35 Billion and First Digital USD (FDUSD) $2.56 Billion.
The intraday trading volume of the stablecoin market is $55,703,242,790; however, it slipped 24.17% in the past 24 hours. There are approximately 170 stablecoins, but some leading are Dai, USDT, and USDC.
Crypto Market Price Update
The cryptocurrency market capitalization has surged over 59% in the past three months. At the time of writing, it was $2.66 Trillion. Bitcoin (BTC) has flourished by 7.97% in the past seven days; it dominates over 51% of the entire Market.
Core (CORE), Pendle (PENDLE), and SATS have topped the intraday gainers list. Akash Network (AKT), Bitcoin SV (SV), Cosmos (ATOM), and Aptos (APT) slipped significantly in the same time frame.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
