Crypto crime value in 2024 likely to exceed 2023 level, says report

The value of cryptocurrency that was sent to illegal digital addresses in 2024 is likely to surpass 2023 numbers, a Chainalysis report said.

- Claire Huang

The American blockchain analytics firm said in its 2025 crypto crime report released on Jan 15 that US$40.9 billion (S$56 billion) in cryptocurrencies was received by illicit addresses in 2024 based on its findings, lower than the US$46.1 billion in 2023.

But, as it continues to find more data throughout 2025, the firm estimates that the total value in 2024 could hit a high of US$51 billion.

Between 2020 and 2024, the total amount of cryptocurrencies that went to illicit addresses peaked at US$54.3 billion in 2022, which factored in FTX creditor claims.

American exchange FTX filed for bankruptcy protection in late 2022 following a liquidity crisis. Its former co-founder and former chief executive, Sam Bankman-Fried, was sentenced in March 2024 to 25 years in prison for defrauding customers and investors.

Said Chainalysis: "A year from now, these totals will be higher, as we identify more illicit addresses and incorporate their historic activity into our estimates."