Stablecoins Dominate Illegal Cryptocurrency Transactions in 2024

According to Odaily, blockchain analysis firm Chainalysis has released a report indicating that stablecoins are expected to dominate illegal cryptocurrency transactions in 2024, accounting for 63% of the total volume. This trend has been emerging since 2022, with stablecoins surpassing Bitcoin as the most commonly used cryptocurrency in illicit activities. The report also highlights a 77% annual growth rate in stablecoin activity, underscoring its significant impact on the broader cryptocurrency ecosystem. Chainalysis predicts that with the increasing diversity of on-chain criminal activities, the volume of illegal cryptocurrency transactions is projected to reach $51.3 billion in 2024. Last year, illegal crypto addresses received approximately $40.9 billion, but this figure is expected to rise to $51.3 billion as more illicit addresses are identified and historical activities are included in estimates.