The overall volume of illegal cryptocurrency transactions has decreased significantly in recent years, but cybercrime in the DeFi segment has increased. This is evidenced by data from the analytical company Chainalysis.

Among the main reasons for the current situation at Chainalysis is the focus of hackers on stealing funds through DeFi projects and using them for money laundering.

Throughout 2021, decentralized protocols have been the main target of hackers.

As of May 1, DeFi projects accounted for 97% of the total $1.68 billion worth of cryptocurrencies stolen in 2022, according to experts.

Most of the stolen funds as a result of attacks on decentralized protocols ended up with hackers associated with the DPRK. During the current year, they stole more than $840 million from similar projects.

Experts say that another major problem is money laundering through the DeFi sector.

In 2022, decentralized protocols received 69% of all funds sent from crime-related addresses. Last year, this figure was 19%.

Analysts believe that although many such protocols do not perform KYC procedures, this is due to the ability to exchange one type of cryptocurrency for another through DeFi. Chainalysis noted that this makes it difficult to monitor the movement of funds and is often used by cybercriminals linked to North Korea.

Recall that in 2021, cybercriminals targeting the cryptocurrency industry stole a record $14 billion, according to the company.