- Crypto crime hit $40.9B in 2024, projections point to $51B as more addresses are known.
- North Korean hackers stole $1.34B in crypto in 2024, 61% of total stolen that year.
- Stablecoins dominate 63% of illicit crypto use, showing a shift in criminal tactics.
According to a report by Chainalysis, illicit cryptocurrency activity totaled $40.9 billion in 2024. Historical trends suggest this figure could rise to $51 billion as additional illicit addresses are identified. The report shows a 25% annual rise in illicit activity since 2020, primarily due to sophisticated criminal operations, accounting for 0.14% of total on-chain transaction volume in 2023.
However, as blockchain forensics improves, these figures are expected to rise. Chainalysis also states that stablecoins dominate illicit transaction volumes, reflecting their broader adoption in legitimate use cases such as cross-border payments.
Professionalization of Illicit Crypto Activities
The 2024 report reveals a rise in professionalized crime within the crypto ecosystem. Large-scale services such as Huione Guarantee have emerged, offering infrastructure to facilitate money laundering and fraudulent activities. Huione alone has processed over $70 billion in transactions since 2021, supporting crimes ranging from fraud to sanctions evasion.
North Korean-linked hackers accounted for 61% of stolen crypto, valued at $1.34 billion. These groups exploited private key compromises to target decentralized and centralized platforms. Other forms of illicit activities include scams leveraging artificial intelligence for sextortion and fraud, as well as ransomware attacks generating hundreds of millions of dollars.
Trends in Asset Use for Illicit Transactions
Stablecoins have increasingly replaced Bitcoin as the preferred currency for illicit transactions, comprising 63% of such activity in 2024. Despite stablecoins being a favored choice, issuers like Tether have taken proactive measures, freezing addresses tied to illicit activities such as scams and sanctions violations.
Ransomware and darknet market activities rely on Bitcoin due to its liquidity. However, darknet market volumes dropped to $2 billion, reflecting law enforcement actions and reduced consumer participation. Fraud shop volumes also declined significantly, partially due to dismantling platforms like the Universal Anonymous Payment System (UAPS), which facilitated transactions for fraudulent operations.
The post Cryptocurrency Crime: Illicit Activity Totals $40.9B in 2024, Projections Suggest $51B appeared first on Cryptonewsland.
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