Bitrace Report Highlights Surge in Crypto Fraud and Stablecoin Freezes

According to BlockBeats, Bitrace has released its annual report on crypto crime, revealing a significant increase in crypto fraud activities. The report highlights that blockchain addresses associated with fraudulent activities saw an explosive growth in stablecoin transactions in 2024, with the total funds reaching $52.5 billion, surpassing the combined totals of previous years from 2021 to 2023. Additionally, the report notes a substantial rise in stablecoin freeze activities on the blockchain. In 2024, stablecoin issuers actively collaborated with law enforcement, with Tether and Circle freezing over $1.3 billion worth of stablecoins on the Ethereum and Tron networks, doubling the freeze scale of the past three years. Regulatory measures have positively impacted Hong Kong. Globally, major regulatory bodies have shifted from a cautious stance to more active involvement in the cryptocurrency sector, promoting a move towards greater regulation and transparency. Hong Kong's compliance policies, characterized by clear legal requirements, customer fund protection, combating illegal activities, attracting institutional funds, and aligning with international standards, have fostered a safer and more controlled crypto ecosystem. This approach has not only reduced direct financial losses from hacking, platform bankruptcies, or legal penalties but also lowered indirect risks by enhancing market trust and stability.