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February 6, 2025

Cryptocurrency Crime on the Rise: Over $40 Billion Moved Illicitly in 2024

A recent report by blockchain analytics firm Chainalysis has shed light on the alarming rate of cryptocurrency crime, revealing that over $40 billion in illicit transactions took place in 2024. This staggering figure is expected to surpass $50 billion as more criminal-linked blockchain addresses are discovered, highlighting the ongoing cat-and-mouse game between law enforcement and cybercriminals.

Illicit Transactions: A Growing Concern

The report highlights that international crime groups, including those involved in money laundering, scams, and extortion, are increasingly using cryptocurrencies to conduct their illicit activities. The majority of these transactions were carried out using USDT, followed by BTC and ETH, with altcoins also playing a significant role. This trend marks a significant shift from 2020 and 2021, when BTC and ETH were the preferred choices for illicit transactions.

Scammers and Sanctioned Entities: Top Illicit Volumes

Chainalysis notes that scammers and sanctioned entities were responsible for the majority of illicit volumes in 2024. The firm’s estimates include transactions from hackers moving stolen funds and other addresses deemed illicit. While the share of illicit crypto transactions in relation to all on-chain transactions was 0.14%, the lowest since 2021, it’s essential to acknowledge that this figure may rise over time.

A Drop in Illicit Transactions: A Positive Sign?

The report reveals a significant drop in the share of illicit crypto transactions, from 0.61% in 2023 to 0.14% in 2024. While this decrease is a positive sign, it’s crucial to recognize that the values have historically stayed below 1%. Chainalysis expects 2024’s illicit crypto volumes to surpass those of 2023, when criminals moved $46.1 billion.

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Law Enforcement Surveillance: A Deterrent to Illicit Activities

The increasing surveillance of crypto activities by law enforcement agencies is expected to play a crucial role in deterring illicit transactions. Although the share of illicit crypto transactions is expected to rise in 2025 and beyond, it’s unlikely to exceed 2%. This prediction is reinforced by the recent report from blockchain security firm PeckShield, which revealed that crypto hackers and scammers pocketed over $3 billion in 2024, $400 million more than in 2023.

The Ongoing Battle Against Cryptocurrency Crime

As the cryptocurrency landscape continues to evolve, it’s essential for law enforcement agencies, regulatory bodies, and industry stakeholders to collaborate in the fight against illicit activities. By leveraging advanced blockchain analytics and AI-powered tools, we can work towards creating a safer and more secure cryptocurrency ecosystem.

In conclusion, the report by Chainalysis serves as a stark reminder of the ongoing threat of cryptocurrency crime. While the figures are alarming, it’s essential to acknowledge the progress made in deterring illicit activities and the increasing efforts of law enforcement agencies to surveil crypto activities. As we move forward, it’s crucial to prioritize education, awareness, and collaboration to create a more secure and transparent cryptocurrency landscape.

Source: Fullycrypto.com

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