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Chainalysis research finds cryptocurrency crime down 65 % year-to-date
The outlook of global crypto markets , which have been recovering well this year with the prices of digital assets like Bitcoin up over 80 % at the midyear point , has been infused with further positivity following the release of the latest Crypto Crime Midyear Update from Chainalysis . This research shows that cryptocurrency inflows to known illicit entities have declined by US $ 5.2billion ( a 65 % decrease ) compared to the same time last year , while inflows to risky entities such as high-risk exchanges and crypto mixers are down 42 %.
Encouragingly , inflows to illicit addresses are down in nearly every category of crypto crime – from hacks and malware to fraud shops and darknet markets – with the decline in scam revenues being the most significant . As of June , crypto scammers have taken in nearly US $ 3.3 billion less ( at 77 % decline ) in 2023 than they did in 2022 , for a total of just over US $ 1.0 billion this year . This decline is especially impressive given that last year , crypto scam revenues had already dropped by 46 %.
“ After a chaotic 2022 which saw significant volatility and the high profile collapse of FTX , it is reassuring to see confidence return to the crypto markets as asset prices are largely on the rise , and the volume of crypto crime has dropped significantly ,” said Kim Grauer , Director of Research at Chainalysis .
“ This bodes especially well for the UAE , where the government remained fervently committed to its vision of establishing the country as a global crypto hub even through challenging times .”
Generative AI to have transformative impact on the practice of law
LexisNexis Legal & Professional , a leading global provider of legal information and analytics , has released a new report entitled , Generative AI and the future of the legal profession , which highlights a disconnect between in-house counsels ’ and law firms ’ expectation of generative AI adoption .
Forty-nine percent of in-house counsel expect their law firms to be using generative AI in the next 12 months , and of that percentage , 11 % expect firms to be already using the technology . Only 8 % didn ’ t want AI used on their work . In contrast , 24 % of firms believe their clients would not want them to use AI .
While only 36 % of respondents have ever used generative AI in a personal or professional capacity , adoption rates are likely to accelerate in the coming months , with 39 % saying they are currently exploring opportunities . This rose to 64 % when analysing responses from large law firms alone , and to 47 % when looking at responses from in-house lawyers .
The survey of 1,175 UK legal professionals , conducted in May to June 2023 , finds 87 % are aware of generative AI tools , and of that group , 95 % agree these tools will have an impact on the practice of law ( 38 % said it will have a significant impact , 11 % said it will be transformative and 46 % thought it would have ‘ some impact ’). Nearly three-quarters ( 70 %) of in-house counsel agree or strongly agree that law firms should be using cutting edge technology , including generative AI tools .
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