As the cryptocurrency industry evolves, illicit activities take on new forms. Chainalysis warns of potential threats to national security and consumer exploitation.
New Forms of Illicit Activities in 2024
According to Chainalysis, illicit cryptocurrency addresses received $40.9 billion in 2024. Despite a decline, the analysis firm notes these figures may be underestimated. Increased revenues are partly due to more sophisticated cybercrime schemes, including sextortion and KYC bypasses using artificial intelligence.
Darknet Market Earnings Fall in 2023
Stolen funds rose by 21% to $2.2 billion in 2024. While DeFi platforms were the largest source, centralized services saw more attacks in Q2 and Q3. Additionally, private key compromises accounted for 43.8% of stolen cryptocurrency.
North Korea's Role and Security Threats
North Korean hackers stole $1.34 billion, accounting for 61% of the total funds stolen in 2024. These attacks are linked to North Korean IT workers infiltrating crypto and web3 companies.
Despite law enforcement efforts, cryptocurrency-related cybercrime remained high in 2024, posing significant security threats, such as the involvement of North Korea in cyber attacks.
