Report: Illicit Crypto Volumes Hit $51 Billion in 2024

According to a recent report by Chainalysis, the use of cryptocurrency for illicit activities is expanding and is expected to reach a total volume of $51 billion by 2024.

Currently, $40.9 billion has been identified as being associated with criminal activity, but it is likely that this number will continue to grow as more addresses are linked to illegal transactions.

The report also highlights a 25% annual increase in illicit activity between reporting periods since 2020. This can be attributed to the increasing professionalization within the crypto crime ecosystem, with the emergence of large-scale on-chain services catering to money laundering and other illegal activities.

One example of this is Huione Guarantee, an online marketplace that provides money laundering services.