Stablecoins Lead in Illicit Transactions
Stablecoins accounted for 63% of all crypto transaction volumes linked to illicit activities in 2024, according to Chainalysis’s 2025 Crypto Crime Report. This marks the second consecutive year that stablecoins, such as USDT and USDC, surpassed Bitcoin in criminal usage. The trend reflects the growing adoption of stablecoins across all crypto activities, which saw a 77% year-over-year increase.Rising Illicit Volumes and Theft
Illicit cryptocurrency transactions totaled an estimated $51.3 billion in 2024, marking an 18% increase compared to 2023. Of this, $40.9 billion was received by illicit addresses, with DeFi services accounting for the largest share of stolen funds. Centralized platforms were the primary targets during Q2 and Q3.Key Findings on Hacks and Scams
Private key compromises were the most common method of theft, contributing to 43.8% of stolen crypto. North Korean hackers were linked to $1.34 billion in stolen funds, the highest annual total attributed to any single actor. Scams such as high-yield investment frauds and “pig butchering,” where victims are manipulated into large deposits, continued to dominate fraudulent activities.
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