Illicit crypto volumes likely $51B in 2024, but overall share falls: Chainalysis
Summary
Illicit crypto volumes in 2024 may reach $51 billion, according to Chainalysis, with a projected increase from nearly $41 billion in 2023. The share of illicit crypto use has decreased to 0.14%, the lowest since 2021. The overall crypto market rebounded in 2024, peaking at over $3.9 trillion, influenced by US exchange-traded funds and political events. Chainalysis anticipates that illicit volume totals will rise as more addresses are identified. Transnational organized crime groups are increasingly using crypto for traditional crimes, with nearly $11 billion of illicit volume linked to hacking, extortion, and trafficking. Stablecoins dominate illicit transactions, making up two-thirds of illicit volumes and 77% of total crypto volume.
