Chainalysis says stablecoins occupied majority of illicit crypto transaction volume in 2024

Stablecoins remained the dominant crypto in illicit transaction volume in 2024, blockchain analytics firm Chainalysis said.

Chainalysis’ 2025 Crypto Crime Report claimed that stablecoins occupied 63% of all crypto transaction volume associated with illicit activity last year.

Since 2022, stablecoins have surpassed bitcoin as the most used cryptocurrency in such activities. “This new reality is part of a broader ecosystem trend in which stablecoins also occupy a sizable percentage of all crypto activity, demonstrated by total growth YoY in stablecoin activity around 77%,” the report said.

According to Chainalysis, illicit cryptocurrency volumes are projected to reach an estimated $51.3 billion in 2024 as on-chain criminal activities become increasingly diverse.

The report suggested that the value received by illicit crypto addresses amounted to $40.9 billion in 2024 based on current metrics. Still, this figure is projected to reach $51.3 billion for the year as Chainalysis continues adjusting its metrics by identifying more illicit addresses and incorporating historic activity into its estimates.

Also, in 2024, stolen funds increased by about 21% yearly to $2.2 billion. The report said the largest share of the stolen funds came from DeFi services, while centralized services were the “most targeted” in last year's second and third quarters.

Throughout the year, private key compromises took up 43.8% share of the stolen crypto. According to the report, north Korean hackers stole an estimated total of $1.34 billion last year, marking the largest size than ever before.

In terms of scam type, Chainalysis noted that both high- and low-tech frauds were rampant in 2024. The most successful schemes included high-yield investment scams and “ pig butchering ,” according to the firm's estimates.