David Edwards
According to the 2025 Crypto Crime Report by blockchain analytics company Chainalysis, stablecoins accounted for 63% of all illicit cryptocurrency activity in 2024 and led illicit cryptocurrency transactions. This is a continuation of a pattern that started in 2022, when stablecoins overtook Bitcoin as the cryptocurrency most frequently used for illicit purposes.
With stablecoins accounting for 77% of the year-over-year increase in total cryptocurrency activity, the report also emphasized wider adoption trends.
Growing Volumes of Illicit Crypto
According to Chainalysis, the total value of illegal bitcoin transactions in 2024 was $40.9 billion. As more illegal addresses and historical activities are found, it is anticipated that this sum might increase to $51.3 billion. The data shows that on-chain criminal behavior has become more diverse, which makes efforts to tackle crypto-based crime even more difficult.
Increase in Stolen Money by 21%
According to the research, the amount of stolen money increased by 21% to $2.2 billion in 2024. The majority of these losses were caused by decentralized finance (DeFi) platforms, but the most common targets in the second and third quarters of the year were centralized platforms. The compromise of private keys was responsible for a substantial portion of the stolen funds, 43.8%.
A significant part was performed by North Korean hackers, who stole an estimated $1.34 billion, the most money ever ascribed to the country.
Changing Scam Strategies
A rise in fraudulent operations was also noted by Chainalysis, including “pig butchering” schemes and high-yield investment scams, which were also among the most lucrative in 2024. This combination of low-tech and high-tech fraud highlights the changing strategies used by malicious actors in the digital asset market.
The results of Chainalysis underscore the necessity of heightened attention and governmental supervision as the cryptocurrency economy develops. As stablecoins gain traction, preventing their abuse will necessitate improved blockchain analytics, strong security protocols, and international collaboration.
