The use of cryptocurrencies for illegal purposes remains a significant challenge. In 2024, such transactions amounted to $40.9 billion, showing a decrease from $46.1 billion in 2023, though analysts warn these figures may only rise as more illicit addresses are uncovered.
Shift in Stablecoin Usage
In 2024, stablecoins became dominant in criminal activity, accounting for 63% of all digital asset transactions. Previously, Bitcoin held the leading position in criminal financing prior to 2021. This shift aligns with a 77% year-over-year increase in stablecoin usage across all crypto activities.
Cybercrime and Its Profitability
In 2024, scams and thefts generated substantial profits. Stolen funds totaled $2.2 billion, a 21% increase from 2023. North Korean hackers executed 47 attacks, stealing $1.34 billion—more than double their haul from the previous year.
Diversity of Criminal Activities on Platforms
Of the $40.9 billion sent to illicit crypto addresses, $10.8 billion was classified as going to 'illicit-actor org.' by Chainalysis.
The data from the Chainalysis report highlights the evolving landscape of cryptocurrency-related crime, emphasizing the need for more comprehensive monitoring and potential new security measures.
