The post Crypto Crime Surges to $51 Billion in 2024  appeared on BitcoinEthereumNews.com.

In 2024, illicit activity in the crypto market reached a staggering $40.9 billion, according to Chainalysis. In 2024, the total value of cryptocurrency linked to illicit activity reached $40.9 billion, according to Chainalysis’ 2025 Crypto Crime Report. However, analysts estimate the true figure could climb to $51 billion as more illicit addresses are identified. By comparison, the revised figure for 2023 surged to $46.1 billion after updates. The annual growth rate of illicit activity, averaging 25% over recent years, suggests this upward trend is far from over. Source: Chainalysis Even as the share of illicit activity in total crypto transactions dropped to 0.14% in 2024 from 0.61% in 2023, it is a deceptive decrease. Many transactions involving sanctioned entities or non-crypto-native crimes, such as traditional drug trafficking, remain undercounted due to verification challenges. For example, 2022 figures now include $8.7 billion in creditor claims against FTX following the conviction of its former CEO for fraud. North Korean Hackers Stole $1.34 Billion — 61% of Total Stolen funds alone surged by 21% in 2024, totaling $2.2 billion. Decentralized finance (DeFi) platforms bore the brunt, while centralized services also became prominent targets during the second and third quarters. The most devastating statistic? North Korean hackers stole $1.34 billion, making up 61% of the total amount stolen for the year. Many of these attacks were linked to advanced tactics employed by North Korean IT workers infiltrating crypto firms. Meanwhile, ransomware continued to drain hundreds of millions of dollars despite a marked decline in ransom payments. Law enforcement’s global crackdowns and a growing reluctance among victims to pay ransoms have disrupted several ransomware operations. Still, the overall attack volume has persisted, showing that ransomware remains a lucrative enterprise for cybercriminals. Source: Chainalysis Darknet markets (DNMs) also saw declining revenues, dropping from $2.3 billion in…

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Filed under: News - @ January 18, 2025 3:24 am