According to Chainalysis, crypto-related criminal activities have significantly decreased since the beginning of 2024, particularly when compared to the same period in 2021.
Chainalysis reports that crypto crime in recent months has dropped by nearly 20% compared to 2021. The report also highlights that the amount of crypto involved in criminal activities has reached a low of $16.7 billion (a decrease of $4.2 billion) within the first seven months of 2024.
Despite this overall positive trend, two types of crypto crimes are rising, bucking the general trend. Chainalysis identifies these as illicit funds from scams, which have nearly doubled from $857 million to $1.58 billion in the first seven months of 2024. The number of attacks and the resulting damages since the beginning of 2024 are detailed in the chart below.
2024 is projected to be a record year for ransomware attacks, with related funds increasing by 2%, reaching $459.8 million. This method involves injecting malware into victims’ computers to capture personal information and demand ransom.
In addition to scams and ransomware attacks, Chainalysis also highlights the activities of cybercriminals, including IT professionals linked to North Korea. These actors have used sophisticated off-chain tactics to steal user assets by infiltrating crypto-related services and employing advanced money-laundering techniques to cash out before detection.
While crypto crimes continue to occur on a large scale with increasingly sophisticated and varied methods, it is promising that the overall statistics for crypto crime have significantly declined in 2024.
