Asia Emerges as a Hotspot for Violent Crypto Crime: Chainalysis

According to the latest mid-year report from #Chainalysis , Asia is emerging as the epicenter of a wave of cryptocurrency-related crime, with record digital thefts and a troubling rise in violence targeting crypto holders. The Asia-Pacific region now ranks second in Bitcoin theft incidents.

State-sponsored hacks and "keylog attacks"

Asia's crypto crime ecosystem is a complex web where North Korean hackers carry out thefts worth billions of USD, organized crime gangs kidnap executives for ransom, and local financial platforms become unwitting money laundering tools. The Bybit hack of 1.5 billion USD linked to North Korea is the largest crypto theft ever.

The report also points out that "keylog attacks" (physical violence to access crypto assets) are increasing alongside Bitcoin price volatility. The murder of Chinese-Philippine steel tycoon Anson Que, where kidnappers demanded a ransom of 3.5 million USD in crypto, is a prominent example showing the overlap between crypto crime and violence. Nevertheless, Chainalysis emphasizes that the immutability of blockchain can be a powerful tool for seeking justice. #Asia