The variety of unlawful activities linked to cryptocurrencies is increasing, as estimates predict that the value of such illegal transactions in 2024 will exceed $51 billion, based on recent findings.
According to Chainalysis’s 2025 Crypto Crimes Report, the current total identified is approximately $40.9 billion. However, past patterns indicate that this amount may increase as more cryptocurrency wallet addresses become associated with illegal activities.
As an analyst, I’ve observed a significant increase in illegal activities over the years, with an average yearly growth of 25% since 2020 when comparing consecutive reporting periods.
According to the report, approximately $40.9 billion has been received by currently identified illegal addresses. However, considering past patterns, our estimation suggests the actual total could be around $51 billion.
2021 trends indicate a growing level of formalization in the criminal sector of cryptocurrencies, as specialized large-scale online platforms arise to facilitate money laundering and other unlawful activities. One such platform is Huione Guarantee, a marketplace that provides laundering services on demand.
The group recently launched its own stablecoin, USDH, to evade regulatory scrutiny.
Stablecoins are dominating the diverse illicit activity
As per the study, approximately two-thirds (63%) of all clandestine transactions involve stablecoins. This significant control points towards a wider pattern in cryptocurrency transactions, where stablecoins are commonly used for legitimate functions like remittances and international money transfers, as suggested by the report.
Nevertheless, incidents like ransomware attacks, theft of funds, and scams continue to be common. North Korean hacking groups are said to have accounted for about $1.34 billion out of the $2.2 billion in cryptocurrency stolen this year, mainly by compromising private keys. Additionally, fraudulent activities have evolved, adopting advanced techniques such as AI-driven strategies, including personalized sextortion schemes.
Despite a drop in darknet market transactions and scam shops, ransomware gangs have managed to accrue hundreds of millions. Although law enforcement actions, such as the shutdown of the Universal Anonymous Payment System, have hampered many of these operations, they haven’t entirely eradicated their existence.
Although the proportion of illegal activities decreased compared to the overall on-chain volume, reaching only 0.14% in 2024, experts predict that this number could increase as the accuracy of data attribution gets better over time.
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2025-01-15 18:40