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Illicit Crypto Volume in 2024 Hit a Record $40B in 2024: Chainalysis
Criminals are no longer using BTC, but instead choosing stablecoins, the report revealed.
Feb 27, 2025, 4:32 p.m.
What to know:
- Chainalysis says $40 billion worth of illicit transactions took place in crypto in 2024, with estimates rising up to $51 billion once all crime is accounted for.
- There has been a shift from criminals using bitcoin in 2021 to now predominately using stablecoins.
- 2025 data may be skewed to include ether following the $1.5 billion hack on Bybit.
Crypto crime was rife in 2024 despite it being a landmark year for institutional adoption. A report by blockchain security firm Chainalysis reveals that $40 billion was received by illicit addresses.
The $40 billion is an estimate that will rise throughout 2025 as more details around historical crimes emerge. The illicit crypto in question can be attributed to scams, malware, fraud or dark net activities.
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2023's figure ended at $46.1 billion, although Chainalysis expects 2024's total to exceed that when all crime is accounted for with an estimated total of $51.3 billion.
The total also excludes revenue from non-crypto native crime such as drug trafficking or money laundering, where crypto is used as a means of payment, the report added.
The approval of spot bitcoin ETFs in 2024 prompted a wave of institutional volume, this brings down the ratio of crypto crime volume to industry-wide volume, with illicit transactions accounting for 0.14% of all crypto transactions compared to 0.61% in 2023.
Criminals are also changing their habits when it comes to sending illicit funds; in 2021 around 70% of all illicit transactions involved bitcoin , that has now flipped to be dominated by stablecoins. BTC now accounts for around 20% of all illicit transactions whilst stablecoins occupy the majority with 63%.
Privacy coin monero is also a notable inclusion on the list due to its prevalence on dark net markets, altcoins account for around 10% of all illicit transactions in total.
It's worth noting that the 2025 figures may be skewed to include ether due to February's $1.5 billion hack on Bybit, which is the largest single crypto theft to date.
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French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
What to know:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
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