According to Chainalysis, illicit crypto volumes in 2024 could reach around $51 billion, which represents an increase from nearly $41 billion noted in the previous year. Despite the rise in illicit activity, the share of such transactions compared to the overall crypto market has fallen to the lowest level in three years, dropping to 0.14% from 0.61% in 2023. Chainalysis attributes this to a lower percentage of illicit use in a growing market, despite increased engagement from transnational organized crime groups. The blog post mentions that in 2023, $11 billion of the illicit volume was linked to serious crimes including hacking and trafficking, with stablecoins being the predominant form of currency used for these transactions. Overall, while the dollar amount of illicit crypto may rise, the relative market share is expected to remain below 1%.

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