The world of cryptocurrency has seen an alarming surge in illicit activities, with reports estimating that illicit crypto volumes in 2024 might have exceeded $51 billion. The growth underscores the increasing complexity and scale of crypto-related crimes, raising significant concerns for regulators and stakeholders.

Rising Illicit Activity

The growth trajectory is alarming, with a 25% annual increase in illicit transactions since 2020.
Chainalysis’s 2025 Crypto Crime report reveals $40.9 billion identified in 2024 so far, though trends suggest the actual total could surpass $51 billion. This rapid rise highlights an ecosystem growing more sophisticated, with professional services emerging to facilitate these activities.

Stablecoins Lead the Way

Stablecoins dominate, accounting for 63% of illicit crypto transactions.
While often used for legitimate purposes like remittances, stablecoins have become a preferred tool for criminal enterprises. From ransomware attacks to scams, their role in illicit activities is a double-edged sword.

Cybercrime Hotspots

North Korean hackers stole $1.34 billion through key compromises.
AI-driven scams and sextortion schemes are on the rise, while ransomware groups continue raking in millions. Law enforcement actions, such as the takedown of Universal Anonymous Payment System, signal progress but fail to eliminate the threat entirely.

A Shrinking Percentage?

Illicit activity fell to 0.14% of total on-chain volume.
Although the proportion is declining, experts predict these numbers will climb as wallet attribution improves. The question remains: Can regulations keep pace with the evolving tactics of crypto criminals?

Crypto Crime