Cryptocurrency Crime Hits $2.3 Billion in 2024

Reports indicate that cryptocurrency-related crime is expected to reach new heights in 2024, with illicit addresses receiving an estimated $40.9 billion, a number that could rise as more data becomes available. This marks a significant increase in the complexity of on-chain criminal activities, which now include threats to national security and consumer protection, as well as traditional cybercrime. Notably, laundering from hacking activities saw a dramatic 280% increase, totaling $1.3 billion, driven by innovative techniques such as chain hopping and coin mixing to obscure stolen funds. Phishing attacks remained a significant threat, with losses exceeding $1 billion and a notable rise in tactics exploiting leaked data. Additionally, the overall theft from digital asset crimes surged to over $2.3 billion in 2024, highlighting the ongoing vulnerabilities within the cryptocurrency ecosystem. As cryptocurrency becomes more mainstream, the methods of illicit actors are evolving, emphasizing the need for enhanced security measures.