The Chainalysis report on crypto frauds in 2024


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In its recent Crypto Crime Report for 2024, Chainalysis delves into the intricate landscape of fraud in the cryptocurrency sector. 

The report reveals important insights into the evolving trends of cryptocurrency-related crime, with particular attention to fluctuations in transaction volumes and the dynamics that characterize the sector.

Crypto Crime Trends 2024: Chainalysis report reveals trends for crime and fraud 

The report begins by highlighting a significant decrease in the value received by illicit cryptocurrency addresses in 2023, amounting to $24.2 billion. This represents a substantial reduction compared to the record of $39.6 billion in 2022.

A fundamental observation is that 61.5% of this amount, approximately 14.9 billion dollars, is attributed to sanctioned entities, highlighting the impact of regulatory measures on illicit activities.

Eric Jardine, Cybercrime Research Lead at Chainalysis, highlights the growing maturity of the cryptocurrency sector by emphasizing that illicit transactions will only account for 0.34% of the total on-chain trading volume in 2023.

This statistic indicates a positive shift towards a more secure and regulated cryptographic environment.

The report outlines the main trends that will characterize cryptocurrency-related crime in 2024, highlighting a decrease in scams and stolen funds, accompanied by an increase in ransomware activities and the darknet market. 

These trends reflect the ability of illicit actors to adapt to the changing circumstances of the cryptographic landscape.

One notable trend is the significant reduction in revenue from scams and hacking, with a decrease of 29.2% and 54.3% respectively in 2023. 

The adoption of romantic scam tactics by cryptocurrency scammers, who target individuals to obtain fraudulent investment opportunities, is identified as a contributing factor.

The decrease in stolen funds is attributed to a significant decrease in DeFi hacks, potentially indicating an improvement in security practices in decentralized finance protocols.

Renaissance of ransomware and darknet markets

In contrast to the general decline, the report highlights a recovery in the activities of ransomware and darknet markets in 2023. 

The growth of ransomware revenues suggests a potential adjustment by attackers to the improvements in organizations’ cybersecurity.

The rebound in darknet market revenues follows the decline in 2022, driven by the closure of Hydra, signaling the sector’s recovery towards the highs of 2021.

A dominant trend that emerges from the analysis is the prominence of sanction-related transactions, which account for 61.5% of all illicit transaction volume. 

The entities and jurisdictions subject to sanctions, particularly those sanctioned by the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury, play a fundamental role in determining this trend. 

The report provides insights into specific cases, such as that of the Russian-based exchange Garantex, which highlight the nuances of the challenges associated with the implementation of sanctions.


The Crypto Crime 2024 report by Chainalysis reveals a nuanced landscape of cryptocurrency crime trends, highlighting the increased maturity of the sector and the evolution of strategies employed by illicit actors. 

The year 2023 marked a crucial phase in the trajectory of the cryptocurrency sector, which has recovered from the tumultuous events of 2022. The Chainalysis Crypto Crime Report for 2024 highlights the resilience and maturation of the industry, shedding light on the intricate dynamics of illicit transactions. 

In particular, the report highlights a substantial decrease in the value received from illicit cryptocurrency addresses, with a pronounced shift towards a more regulated cryptographic environment. 

While the sector is grappling with the ebb and flow of illicit activities, the report meticulously analyzes the trends, revealing a decline in fraud and stolen funds, offset by the resurgence of ransomware and darknet market activities. 

Furthermore, the predominance of transactions related to sanctions emerges as a determining trend, highlighting the challenges and complexities associated with regulatory measures. 

In essence, the report serves as a compass, guiding stakeholders through the evolving landscape of crypto crime in 2024.

As the industry faces the challenges posed by regulatory frameworks and technological advancements, it remains crucial to remain vigilant against emerging threats. 

The report is a fundamental resource for understanding the complexities of illicit activities in the cryptographic space, providing valuable insights to stakeholders and regulatory authorities.