In the vast and indifferent expanse of the 2024 financial steppes, a figure as weighty as the conscience of a landowner—$649 billion—was found galloping through the borderless pastures of blockchain, Bitrace whispered, wiping their brow after much digital toil.
If one were to believe the sages at Bitrace (and why shouldn’t we trust an institution whose name inspires the same unease as a stern aunt with a ledger?), these coins found themselves in the hands of gentlemen whose business might generously be described as “off the beaten path”—scoundrels, vagabonds, and persons with as many aliases as there are birches in a Russian wood.
Bitrace, wielding their clever scorecards like an exacting grandmother at a village dance, shook their heads at what they termed “high-risk” addresses. One imagines these wallets wearing black overcoats, standing in the shadows of the internet, occasionally exchanging a knowing nod or cigar. “High-risk,” Bitrace says, means your wallet has dreams beyond respectable commerce—scams, laundering, shady trysts under the moonlight. The higher the score, the more your wallet thirsts for adventure (and perhaps, just a little bit of crime).
Now, let us pause to reflect: this $649 billion—what is it in the grand scheme? Only about 5.14% of stablecoin pilgrimages this year. A slender slice, much like a tycoon’s conscience. It is, we are told, thinner than last year’s 5.94%, but still meatier than the 2.8% found in the gentle spring of 2022, or the meager 1.63% from the days when people still believed in dreams, or at least, in the solidity of the ruble.
Of these unsanctioned wanderings, most occurred on the Tron blockchain, with coins called USDT—much like the ubiquitous samovar, present at every gathering of dubious intent—accounting for more than 70% of such escapades. Ethereum, always keen not to miss a party, brought its own USDT, while USDC stood bashfully to the side, perhaps waiting for a dance invitation.
As Bitrace philosophizes, “USDT is popular because it is everywhere, and the people, much like peasants with their rye, will always favor what is most within reach.” Evidently, Tron, quiet and quick, held 47.4% of this wild hoard, while Ethereum—a bit like the oldest son who was meant to inherit everything—lagged, surprised to find itself outclassed on its own ancestral lands. This, dear reader, is irony of the purest Russian vintage.
Elsewhere, the sport of chance flourishes! Online gambling houses, those rickety dachas of fortune and ill luck, welcomed $217.8 billion in stablecoins this year—a 17.5% rise. USDT, ever the workhorse, remains most beloved, but USDC’s popularity also swelled, likely as gamblers sought to lose their coins in style.
These tales are not unique. FBI officials, clearly spending less time at poetry readings, confessed that Americans lost $9.3 billion to crypto fraud in 2024—a sum which, in Tolstoyan tradition, might have funded a dozen novels or a well-meaning farm. As for crypto casinos, their greed, unchecked by winter or bureaucracy, netted $81 billion last year. Not even the efforts of many a noble administrator, waving regulation like a chastising cane, could stop these winnings. Such is the nature of fate, and finance, in this modern era: full of hope, folly, and endless transactions.
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2025-04-29 20:43