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- Criminals moved over $40 billion in crypto in 2024 according to Chainalysis
- Chainalysis said the amount may reach over $50 billion as more illicit transactions are discovered
- The funds were linked to groups conducting money laundering, scams, and extortion
A report by blockchain analytics firm Chainalysis has disclosed that criminals moved over $40 billion using crypto in 2024. Chainalyis said international crime groups such as those conducting money laundering, scams, and extortion are doing business using crypto. The analytics firm expects the amount to rise above $50 billion as more criminal-linked blockchain addresses are discovered, a sign that criminals will always look for ways to disguise their transactions.
Scammers and Sanctioned Entities Top Illicit Volumes
Chainalysis noted that most of the illicit transactions were conducted using USDT followed by BTC and ETH, with altcoins also accounting for a sizeable number of the transactions. This has been the trend for the past two years and a major shift from 2020 and 2021 when criminals preferred moving funds using BTC and ETH.
According to the analytics firm, most of the illicit volumes in 2024 came from scammers and sanctioned entities. The firm’s estimates include transactions of hackers moving stolen funds and other addresses that the it considers illicit.
The analytics firm however disclosed that the share of illicit crypto transactions in relation to all on-chain transactions was 0.14%, the lowest since 2021, and a significant drop from the 0.61% recorded in 2023.
Share of Illicit Transactions To Rise in 2025
Chainalysis, however, noted that this share may rise over time but said the values have “historically” stayed below 1%. The firm also expects 2024’s illicit crypto volumes to surpass those of 2023 when criminals moved $46.1 billion.
Chainalysis’ revelations come five days after blockchain security firm PeckShield reported that crypto hackers and scammers pocketed over $3 billion in 2024, $400 million more than in 2023.
Although the share of illicit crypto transactions is expected to rise in 2025 and beyond, it’s unlikely it’ll ever exceed 2% due to law enforcement agencies increasing their surveillance of crypto activities.
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