2025-1-18 19:00 |
In 2024, the total value of cryptocurrency linked to illicit activity reached $40.9 billion, according to Chainalysis’ 2025 Crypto Crime Report. However, analysts estimate the true figure could climb to $51 billion as more illicit addresses are identified. By comparison, the revised figure for 2023 surged to $46.1 billion after updates. The annual growth rate of illicit activity, averaging 25% over recent years, suggests this upward trend is far from over.
Source: Chainalysis
Even as the share of illicit activity in total crypto transactions dropped to 0.14% in 2024 from 0.61% in 2023, it is a deceptive decrease. Many transactions involving sanctioned entities or non-crypto-native crimes, such as traditional drug trafficking, remain undercounted due to verification challenges. For example, 2022 figures now include $8.7 billion in creditor claims against FTX following the conviction of its former CEO for fraud.
North Korean Hackers Stole $1.34 Billion — 61% of TotalStolen funds alone surged by 21% in 2024, totaling $2.2 billion. Decentralized finance (DeFi) platforms bore the brunt, while centralized services also became prominent targets during the second and third quarters. The most devastating statistic? North Korean hackers stole $1.34 billion, making up 61% of the total amount stolen for the year. Many of these attacks were linked to advanced tactics employed by North Korean IT workers infiltrating crypto firms.
Meanwhile, ransomware continued to drain hundreds of millions of dollars despite a marked decline in ransom payments. Law enforcement’s global crackdowns and a growing reluctance among victims to pay ransoms have disrupted several ransomware operations. Still, the overall attack volume has persisted, showing that ransomware remains a lucrative enterprise for cybercriminals.
Source: Chainalysis
Darknet markets (DNMs) also saw declining revenues, dropping from $2.3 billion in 2023 to $2 billion in 2024. Similarly, fraud shops witnessed a sharp downturn, with revenues halving to $220.1 million. This decline was partly due to a significant U.S.-Dutch operation dismantling the Universal Anonymous Payment System (UAPS), a processor for fraudulent transactions.
Stablecoins Contribute 63% of Illicit Crypto TransactionsThe crypto landscape has shifted dramatically, with stablecoins surpassing Bitcoin as the most commonly used asset for illicit activity. Stablecoins accounted for 63% of all illegal transactions in 2024, reflecting broader adoption trends across legitimate markets. Their use in storing value, cross-border payments, and remittances underscores their growing utility.
Source: Chainalysis
Despite their appeal, stablecoin issuers have occasionally intervened to disrupt criminal networks. Tether, for instance, has frozen wallets linked to scams, sanctions evasion, and terrorist financing. However, some illicit actors prefer stablecoins precisely for their liquidity and relative anonymity, particularly in jurisdictions where accessing U.S. dollars is restricted.
Bitcoin still plays a central role in ransomware attacks and darknet markets. Privacy-focused cryptocurrencies, such as Monero, also feature prominently in illicit transactions, although they were excluded from many analyses due to their obfuscation techniques.
Huione Marketplace Processes $70 Billion in TransactionsThe rise of organized crime syndicates using cryptocurrency highlights a worrying trend. Of the $40.9 billion received by illicit addresses in 2024, $10.8 billion was linked to entities directly involved in or facilitating crimes like hacking, trafficking, and extortion. These networks increasingly offer specialized services, including laundering-as-a-service.
Huione, a marketplace infamous for its role in the crypto crime ecosystem, exemplifies this professionalization. Since 2021, Huione and its vendors have processed over $70 billion in transactions. The platform facilitates scams such as pig butchering, provides tools for laundering stolen funds, and processes transactions for sanctioned entities and fraud shops.
Artificial intelligence has also entered the scene, amplifying the scope of crypto scams. High-yield investment frauds and “pig butchering” schemes dominate, with AI used to create personalized phishing attacks. AI-powered tools are now bypassing know-your-customer (KYC) protocols, aiding criminals in evading detection.
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