The 2025 Crypto Crime Report details significant trends in illicit cryptocurrency use in 2024, highlighting declines in illicit volume on TRON, expanded terrorist financing via crypto, and record-high ransomware demands. The report also underscores the shifting tactics of threat actors and emphasizes the importance of international collaboration in tackling crypto crime. #TRON #IslamicStateKhurasanProvince #DarkAngelsRansomware #NorthKoreaCryptoThefts
Keypoints
- The report is structured with sections including Introduction, Blockchain-specific illicit volume changes (TRON, Ethereum, Bitcoin), illicit activity categories (sanctioned entities, terrorist financing, ransomware, hacks, scams, and drug sales), and Looking ahead, providing a comprehensive overview of emerging threats and trends.
- Key statistics reveal illicit crypto volume dropped to USD 45 billion in 2024, a 24% decrease, with TRON blockchain seeing the largest decline in illicit activity by USD 6 billion due to focused efforts like the T3 Financial Crime Unit.
- Sanctioned entities remain major drivers of illicit volume, despite a 33% decrease, with Russian and Iranian exchanges like Garantex and Nobitex featuring prominently; sanctions targeting Russia, Hamas, and Hezbollah were intensified.
- Cryptocurrency’s role in terrorist financing expanded markedly, especially with ISIS affiliate ISKP conducting crypto-funded attacks and fundraising, primarily using stablecoins despite growing interest in Monero.
- Ransomware demands surged to record highs with 5,635 attacks in 2024 and a record USD 75 million ransom paid to the Dark Angels group; new ransomware groups emerged and existing groups rebranded, employing advanced extortion techniques.
- USD 2.2 billion was stolen in crypto hacks—a 17% rise—with North Korea responsible for nearly USD 800 million, primarily through private key thefts and sophisticated laundering via decentralized mixers and cross-chain bridges.
- Scams and fraud volumes decreased by 40%, yet remain significant with financial grooming (“pig butchering”) scams still drawing billions; criminals increasingly use AI for more convincing fraud tactics.
- Illicit drug sales grew 19%, with a shift from darknet markets to encrypted chat platforms, especially in the West; Russian-language darknet markets dominate drug sales, remaining resilient despite global law enforcement efforts.
- Western darknet marketplaces suffered from law enforcement takedowns and exit scams in 2024, leading to a decline in user confidence and market activity, though some innovation like marketplace mergers emerged.
- International law enforcement cooperation proved critical in disrupting ransomware groups and sanction evasion, emphasizing the need for continued public-private partnerships and real-time intelligence sharing to combat evolving crypto threats.
Source: Awesome Annual Security Reports - The reports in this collection are limited to content which does not require a paid subscription, membership, or service contract. (https://github.com/jacobdjwilson/awesome-annual-security-reports/)