The 2025-Crypto-Crime-Report Release via Chainalysis
- Daniel Parker
- Mar 26
- 2 min read
Updated: Apr 3
Scale of Crypto Crime in 2024
Total Illicit Transaction Volume: Approximately $40.9 billion was received by addresses identified as illicit in 2024. However, Chainalysis estimates that the actual figure may be closer to $51 billion, representing about 0.14% of total on-chain transaction volume.
Shift in Preferred Cryptocurrencies for Illicit Activities
Stablecoins Surpassing Bitcoin: Historically, Bitcoin was the primary currency for cybercriminals due to its liquidity. However, in 2024, stablecoins accounted for 63% of all illicit transaction volumes. Their stability and liquidity make them attractive for illicit transactions.
Ransomware Trends
Decline in Ransomware Payments: Ransomware payments saw a significant decrease, totaling approximately $813.55 million in 2024, a 35% reduction from the previous year's $1.25 billion. This decline is attributed to effective law enforcement actions against major ransomware groups and improved cybersecurity measures by organizations.
Rise in Crypto Scams
Increase in Scam Revenues: Crypto scams reached new heights in 2024, with revenues estimated between $9.9 billion and $12.4 billion. The proliferation of "pig butchering" scams, which involve building relationships to defraud individuals, contributed significantly to this surge. The advancement of generative AI technologies has enhanced the sophistication and reach of these scams.
Notable Crypto Thefts
Major Exchange Hacks: North Korean hackers were implicated in a $1.5 billion theft from the cryptocurrency exchange ByBit, marking one of the largest heists in history. This underscores the advanced capabilities of state-sponsored cybercriminal groups.
Emerging Threats and Trends
AI-Driven Fraud: The use of artificial intelligence in fraudulent activities has become more prevalent, enabling highly personalized and convincing scams. This includes AI-powered sextortion attacks and sophisticated phishing schemes.
Professionalization of Cybercrime: The crypto crime ecosystem is becoming more organized, with entities like Huione Guarantee providing infrastructure for the sale of fraud technology and handling transactions for various illicit activities. Since 2021, Huione and its associated vendors have processed over $70 billion in crypto transactions.
Conclusion
The 2025 Chainalysis Crypto Crime Report reveals a complex and evolving landscape of cryptocurrency-related crimes. While certain areas, such as ransomware payments, have seen declines due to effective interventions, other sectors like scams and thefts have surged, driven by technological advancements and the adaptability of cybercriminals. The shift towards stablecoins for illicit transactions and the increasing use of AI in scams highlight the need for continuous vigilance and adaptive strategies in combating crypto-related crimes.
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