Illicit crypto volume could have reached $51b in 2024: report

Cryptocurrency illicit activity is diversifying, with illicit crypto volumes for 2024 expected to surpass $51 billion, according to a new report.

While the total volume identified so far is $40.9 billion, historical trends suggest that figure will grow as more wallet addresses are linked to criminal activity, according to Chainalysis’s 2025 Crypto Crime’s report. 

The report highlights a 25% annual growth rate in illicit activity between reporting periods since 2020.

The report states that there was “$40.9 billion received by illicit addresses known today, but we estimate the total may be closer to $51 billion given historical trends.” 

This year’s trends point to an increase in professionalization within the crypto crime ecosystem, with large-scale on-chain services emerging to support laundering and other illicit activities. One notable example is Huione Guarantee, an online marketplace offering laundering-as-a-service

The group recently launched its own stablecoin, USDH, to evade regulatory scrutiny.

Stablecoins are dominating the diverse illicit activity

According to the report, stablecoins now account for 63% of all illicit transaction volume, according to the report. This dominance reflects broader trends in crypto usage, with stablecoins widely adopted for legitimate purposes such as remittances and cross-border payments.

However, ransomware attacks, stolen funds, and scams remain prevalent. North Korean hackers were responsible for $1.34 billion of the $2.2 billion in stolen crypto this year, primarily through private key compromises. Scams have also become more sophisticated, incorporating AI-driven tactics such as personalized sextortion schemes.

While darknet market activity and fraud shop volumes declined, ransomware groups continued to earn hundreds of millions. Law enforcement efforts, including the takedown of the Universal Anonymous Payment System, have disrupted several operations but have not eliminated their presence.

Despite a drop in the percentage of illicit activity relative to total on-chain volume—down to 0.14% in 2024—experts believe these figures will rise as data attribution improves.