Chainalysis Estimates Last Year's Crypto Crime to Reach 75 Trillion Won

Blockchain data analysis company Chainalysis announced on the 16th that the scale of cryptocurrency crime that occurred in 2024 is estimated to reach 75 trillion won, according to data analysis results.

According to the report, the amount that flowed into illegal addresses last year was $40.9 billion (about 59 trillion won). However, the report predicted that the estimated amount could increase to $51 billion (about 75 trillion won) as there is a possibility of additional crimes being identified in the future. If additional crimes are identified, 2024 is expected to be the second most active year for illegal activities in the history of cryptocurrency crime.

However, the damage from cryptocurrency crime accounted for only 0.14% of the total on-chain transaction volume, still representing a very small proportion.

Meanwhile, the most used cryptocurrency by criminals was stablecoin (a cryptocurrency linked to the value of fiat currency). Currently, 63% of the total illegal transaction volume is processed with stablecoins.

Eric Jardine, head of cybercrime research at Chainalysis, analyzed, "An increasing number of criminals, including international organized crime groups, are using cryptocurrencies to conduct traditional criminal activities such as drug trafficking, gambling, intellectual property theft, money laundering, human trafficking, wildlife smuggling, and violent crimes," adding, "Some criminal networks are using cryptocurrencies to execute 'polycrime,' which combines multiple types of criminal activities."