The TRON network accounted for 45% of all illicit volume in 2023, according to data released by analysts at blockchain forensics firm TRM Labs.
TRM Labs released a report titled “The Illicit Crypto Economy” on Wednesday shedding light on the key trends in 2023 related to illicit activities and funds in the crypto space.
TRON Blockchain Dominates Illicit Activity
TRON blockchain network, founded by Chinese entrepreneur Justin Sun, accounted for the highest illicit activity last year, 45%, a surge from 41% in 2022. Ethereum and Bitcoin networks followed at 24% and 18%, respectively.
TRON also emerged as a favored network for hackers associated with North Korea, who frequently exchange stolen funds, predominantly for USDT, on its network. Subsequently, these laundered crypto funds are converted to fiat currency through high-volume over-the-counter (OTC) brokers.
According to TRM Labs, USDT stablecoin issued by Tether Inc. has become the preferred currency for terrorist financing entit
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