# Chainalysis: Illicit Cryptocurrency Activity Tops $40 Billion in 2024
Back in 2021, Bitcoin was favored by offenders, representing 70% of unlawful deals. But things have changed. Now, stablecoins are the wrongdoers’ top choice, enabling 63% of criminal crypto operations, while Bitcoin’s percentage has decreased to only 20%.
Lawbreakers are becoming more sophisticated, and organizations are embracing crypto, which reduces the amount of unlawful operations relative to the legitimate ones. Chainalysis notes that stablecoins have turned into the favored means for transferring pilfered crypto.
The study includes everything from crypto cons and digital asset deceit to ransomware strikes. Present approximations place 2024’s criminal transaction quantity just $6.1 billion short of 2023’s high.
Privacy currencies such as Monero (XMR) are likewise gaining acceptance among dark web sellers and consumers, with altcoins implicated in 10% of unlawful operations.
Blockchain analytics supplier Chainalysis states that cryptocurrency-related crime attained $40 billion last year, and they anticipate the total to surpass $51.3 billion as more information arrives.
Wall Street’s approval of crypto has sent valid trading quantities skyrocketing. The debut of spot exchange-traded funds (ETFs) founded on Bitcoin and Ethereum (ETH) has considerably enhanced valid trading action.
As offenders abandon Bitcoin for stablecoins to sanitize their unlawfully obtained profits, 2024’s unlawful crypto transaction quantity could outstrip 2023’s peak.
This surge of acceptance has diminished unlawful operations to a simple 0.14% of total crypto transaction quantity in 2024, down from 0.61% the prior year. SHIB Burns Increase by 771,019%
