According to blockchain analysis firm Chainalysis, crypto assets are increasingly being used to pay for pirated online streaming content.
Nordic Content Protection (NCP), a TV anti-piracy nonprofit, has partnered with Chainaosis to track crypto addresses associated with illegal streaming.
Total inflows to these addresses reached approximately $24 million between 2019 and 2023, with a dramatic increase starting in early 2022 and continuing through 2023.
NCP security manager Michael Lund told Chainaosis that the addresses tracked do not represent the full extent of the problem.
“TV piracy is a global challenge and poses a significant threat in Europe, the Middle East, Asia, and the Americas. Illegal streaming services are estimated to have hundreds of millions of users, and legitimate Billions of dollars in revenue are being lost from services. This effectively translates into less tax revenue, fewer jobs, and lower quality content.”
Chainalysis noted earlier this year that overall illicit crypto trading volume decreased in 2023 for the first time since 2020. Last year, fraudulent addresses received $24.2 billion worth of cryptocurrencies, compared to $39.6 billion in 2022.
In 2020, illegal wallets received only $9.4 billion in cryptocurrencies. That number increased to $23.2 billion in 2021.
Blockchain analysis firms have warned that the actual amount in 2023 could be even higher, as only known fraudulent addresses are covered.
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