Illicit Crypto Activity Declines in 2024, But Sanctions Remain a Concern

Crypto Transactions Surge to $10.6 Trillion in 2024

Crypto transactions jumped 56% in 2024 to $10.6 trillion, while illicit activity fell 24% to $45 billion, now just 0.4% of total volume, down from 0.9% in 2023, according to TRM Labs. The blockchain forensic firm reported that sanctions-linked transactions made up the largest share of illicit crypto activity, accounting for 33% of the total.

Illicit Activity Breakdown

Blocklisted funds followed at 29%, with scams and fraud at 24%. The analysts expect the illicit volume figures to rise over time as more data is analyzed. In early 2024, the firm estimated illicit transactions for 2023 at $34.8 billion. However, that number has now been revised up to $58.7 billion, a 69% increase.

Blockchain Comparison

TRON remains the top blockchain in terms of illicit transactions in 2024 at 58%, followed by Ethereum (24%) and Bitcoin (12%). While it might seem that bad actors are increasingly using TRON allegedly due to its small fee, the network also saw the biggest drop in illicit activity, with a $6 billion decline.

Law Enforcement Efforts

Spanish authorities and the T3 Financial Crime Unit froze over $26 million in crypto linked to a money laundering ring operating across Europe. The crackdown was made possible by T3 FCU — a team backed by TRON, Tether, and TRM Labs — which worked with Spain’s Guardia Civil to track down the crypto addresses tied to the group.

“Those who attempt to misuse Tether will get caught.” – Paolo Ardoino, Tether CEO

Tips for Safe Crypto Transactions

* Always research and verify the legitimacy of a crypto platform or exchange before transacting.
* Use strong passwords and enable two-factor authentication to secure your accounts.
* Be cautious of unsolicited investment opportunities or suspicious emails.
* Report any suspicious activity to the relevant authorities.

Stay up-to-date with the latest crypto news and trends on Global Crypto News.

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