tl;dr
The blockchain data firm Chainalysis reported that illicit crypto addresses received $40.9 billion in digital assets in 2024, slightly less than the $46.1 billion in 2023. However, the report anticipates a further increase as more illicit addresses are identified. The firm expects the 2024 total to ...
Chainalysis, a blockchain data firm, reported that $40.9 billion worth of digital assets flowed into illicit addresses in 2024, slightly less than the $46.1 billion in 2023. The report anticipates a further increase in illicit transactions as more illicit addresses are identified, with the 2024 total expected to exceed $51 billion, representing 0.14% of the total on-chain transaction volume. Stablecoins accounted for 63% of illicit transactions, with Bitcoin being the top choice for ransomware and darknet market sales. Additionally, the privacy coin Monero has become increasingly significant in darknet market sales.
Chainalysis highlighted the professionalization of the illicit ecosystem through platforms like Huione Guarantee, which processed over $70 billion in crypto transactions since 2021, facilitating various illicit activities.
Chainalysis notes in its annual Crypto Crime Report that since 2020, annual estimates of illicit activity have grown by an average of 25% between reporting periods. The firm assumes a similar growth rate between now and next year, indicating that the annual totals for 2024 could surpass the $51 billion threshold. Huione Guarantee illustrates the "professionalization" of crypto's illicit ecosystem, providing infrastructure for the sale of scam technology, pig butchering, fraud, stolen funds, sanctioned entities, fraud shops, child sexual abuse material, and gambling sites and casinos, among others.