"Uncovering the $40 Billion Crypto Crime Wave: 2022-2024 Trends"

Stablecoins, such as Tether, have facilitated $40 billion in illicit cryptocurrency transactions since 2022, with 70% of crypto scams and 83% of payments to sanctioned countries involving stablecoins. Chainalysis found that stablecoins were used in 84% of payments to specifically sanctioned individuals and companies. The appeal of stablecoins for sanctions evasion lies in their stability and ability to circumvent restrictions on accessing the US dollar. Tether, the most popular stablecoin, has been singled out for its use in illegal gambling and scam operations, with scammers preferring it due to its stability and low fees. Despite Tether's ability to freeze criminal funds, the illicit use of stablecoins continues to outpace seizures, posing a significant challenge for law enforcement.