Crypto Criminal Transactions Surpass $40B in 2024
Illicit crypto transactions in 2024 are on track to exceed 2023’s record, as criminals shift from Bitcoin to stablecoins for laundering stolen funds.
Derar Hadri 
Illicit crypto transactions in 2024 are on track to exceed 2023’s record, as criminals shift from Bitcoin to stablecoins for laundering stolen funds.
According to blockchain analytics firm Chainalysis, $40 billion in crypto-related criminal transactions were recorded in 2023, with the total expected to exceed $51.3 billion as more data emerges. The report analyzed illegal activities such as crypto scams, asset fraud, and ransomware attacks. As of now, 2024 is just $6.1 billion short of surpassing the previous year’s record.
Despite this increase, criminals have adjusted their tactics, and institutional adoption has shrunk the proportion of illicit transactions relative to legitimate crypto activity. Stablecoins have now overtaken Bitcoin as the preferred tool for laundering funds.
In 2021, Bitcoin accounted for 70% of illicit transactions, but stablecoins now dominate with 63%, while Bitcoin’s share has dropped to 20%. Dark web vendors have also turned to privacy coin Monero (XMR), with altcoins making up 10% of illegal transaction volume.
Meanwhile, legitimate crypto transactions have surged, fueled by institutional adoption from Wall Street. The launch of spot ETFs for Bitcoin and Ethereum has significantly increased regulated trading activity. As a result, illicit transactions now represent just 0.14% of total crypto volume in 2024, compared to 0.61% in the previous year.
