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Cryptocurrency News Articles

Cryptocurrency Fuels Piracy Surge in Online Streaming

Mar 31, 2024 at 04:00 am

According to blockchain analysis firm Chainalysis, cryptocurrency is increasingly being used to pay for illegal online streaming content. In partnership with Nordic Content Protection (NCP), Chainalysis tracked crypto addresses linked to illicit streaming, revealing that inflows to these addresses totalled $24 million between 2019 and 2023, with a significant surge since early 2022.

Cryptocurrency Fuels Piracy Surge in Online Streaming

Cryptocurrency Fuels Surge in Piracy of Online Streaming Content

A recent study by the blockchain analysis firm Chainalysis reveals a concerning trend: the increasing use of crypto assets to fund the illicit streaming of copyrighted material. This alarming development poses significant financial and societal threats, as detailed by industry experts and law enforcement agencies.

In collaboration with Nordic Content Protection (NCP), an anti-piracy organization, Chainalysis meticulously tracked cryptocurrency addresses linked to illegal streaming activities. The findings are staggering: between 2019 and 2023, these addresses received a staggering $24 million in illicit funds, with a sharp escalation in transactions beginning in early 2022.

Michael Lund, Security Manager at NCP, emphasizes the grave implications of this escalating problem. "Television piracy is a global scourge, undermining the legitimate revenue streams of content creators and broadcasters," he explains. "Our estimates indicate that hundreds of millions of users access illegal streaming services, resulting in billions of dollars in lost revenue. This has dire consequences, including reduced tax revenue, job losses, and a decline in the overall quality of entertainment content."

Despite a decline in overall illicit crypto transaction volume during 2023, the use of cryptocurrency in piracy remains a cause for concern. In 2020, illicit addresses received $9.4 billion worth of crypto, a figure that surged to $23.2 billion in 2021 and $24.2 billion in 2022. Chainalysis cautions that the true extent of illicit activity in 2023 may be even greater, as the study only accounted for known illicit addresses.

The proliferation of cryptocurrencies in the illicit streaming market poses a multitude of challenges for law enforcement and regulatory bodies. The anonymity and decentralized nature of cryptocurrencies make it difficult to trace and prosecute illegal activities. Moreover, the rapid evolution of blockchain technology and the emergence of new virtual currencies create a constantly shifting landscape.

To combat this burgeoning threat, international cooperation and the development of innovative investigative techniques are paramount. Law enforcement agencies and industry experts must work together to identify and disrupt illegal streaming networks, freeze illicit crypto assets, and deter potential offenders. Additionally, public awareness campaigns are essential to educate consumers about the consequences of illegal streaming and the importance of supporting legitimate content providers.

The use of cryptocurrencies to finance piracy is a serious issue that requires immediate attention. By leveraging the latest technological advancements and fostering collaboration between stakeholders, we can effectively tackle this illicit activity, protect intellectual property rights, and safeguard the legitimate digital entertainment ecosystem.

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