The use of crypto assets to pay for pirated online streaming content is on the rise, according to blockchain analysis firm Chainalysis. In collaboration with Nordic Content Protection (NCP), a non-profit organization dedicated to combating television piracy, Chainalysis has been tracking crypto addresses associated with illicit streaming. The total amount of money flowing into these addresses reached approximately $24 million between 2019 and 2023, with a significant increase starting in early 2022 and continuing throughout 2023. Michael Lund, NCP’s security manager, revealed to Chainalysis that the tracked addresses only scratch the surface of the problem. He stated, “Television piracy is a global challenge and a major threat in Europe, the Middle East, Asia, and the Americas. We estimate that there are hundreds of millions of users of illicit streaming services, resulting in billions of dollars in lost revenue for legitimate services. This ultimately leads to a decrease in tax revenue, job opportunities, and the quality of content.” Earlier this year, Chainalysis reported that the overall volume of illicit crypto transactions decreased in 2023 for the first time since 2020. In 2022, illicit addresses received $24.2 billion worth of crypto, compared to $39.6 billion in 2022. The amount received by illicit wallets was only $9.4 billion in 2020 but rose to $23.2 billion in 2021. However, Chainalysis warns that the actual volume in 2023 may be higher, as only known illicit addresses were taken into account.