Stablecoins and Illicit Transactions in 2024

Stablecoins remained the dominant cryptocurrency in illicit transaction volume in 2024, as reported by blockchain analytics firm Chainalysis.

Key Findings from the 2025 Crypto Crime Report

• Stablecoin Dominance: Chainalysis’ report revealed that stablecoins accounted for 63% of all crypto transaction volume associated with illicit activity last year.
• Rise Since 2022: Since 2022, stablecoins have overtaken bitcoin as the most used cryptocurrency in illicit activities. The report highlighted a 77% year-on-year increase in stablecoin activity.

Projected Illicit Cryptocurrency Volumes

• Chainalysis projected that illicit cryptocurrency volumes would reach approximately $51.3 billion in 2024 as on-chain criminal activities diversify.
• In 2024, it estimated that the value received by illicit crypto addresses would be around $40.9 billion, but this figure could rise to $51.3 billion as more illicit addresses are identified.

Stolen Funds and Key Compromises

• Stolen funds grew by 21% year-over-year to $2.2 billion. The largest share of stolen funds originated from DeFi services, while centralized services were the most targeted in Q2 and Q3 of last year.
• Compromises of private keys accounted for 43.8% of the stolen crypto. North Korean hackers were attributed with stealing an estimated $1.34 billion, the largest amount recorded to date.

Scams in 2024

• The report noted the prevalence of both high- and low-tech frauds in 2024. The most successful schemes included high-yield investment scams and ‘pig butchering’ scams, according to Chainalysis estimates.