Crypto Crime Amounted to Over $24B in 2023: Chainalysis
In 2023, illicit addresses received over $24 billion in cryptocurrency, representing 0.34% of all transaction volume, according to Chainalysis' annual crypto crime trends report. This figure is approximately 40% less than 2022's total of $39.6 billion but is expected to increase as more illicit addresses are identified. Transactions with sanctioned entities accounted for $14.9 billion (61.5%) of the 2023 volume. Stablecoins were the primary currency used in illicit transactions in 2023, continuing a trend that began in 2022. Previously, Bitcoin was the preferred cryptocurrency for illicit activity from 2018-2021. The report also noted a decrease in crypto scams and hacks by 29.2% and 54.3% respectively, while ransomware and dark net activity increased.
