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Illicit cryptocurrency addresses received $24.2 billion in 2023, showing a decrease from the estimated $39.6 billion in 2022, as per Chainalysis. 
In 2023, the value received by illicit crypto totaled $24.2 billion representing nearly a 39% decrease from the 2022 losses, which amounted to $39.6 billion, according to the latest research <a href="https://www.chainalysis.com/blog/2024-crypto-crime-report-introduction/" target="_blank" rel="noopener">report</a> published by <a href="https://crypto.news/tag/chainalysis/" target="_blank" rel="noreferrer noopener">Chainalysis</a>, a blockchain analytics firm. 
The landscape of crypto crime saw a shift in the types of assets involved. While Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) previously dominated, <a href="https://crypto.news/tag/stablecoin/" target="_blank" rel="noreferrer noopener">stablecoins</a> now constitute the majority of illicit transaction volume, data shows. Chainalysis says the change aligns with the broader trend of stablecoins gaining prominence in legitimate crypto activities. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1024" height="574" src="https://crypto.news/app/uploads/2024/01/bisdhbfisd.png" alt="Illicit crypto addresses received over $24b in 2023, Chainalysis says - 20" class="wp-image-14240155">
 <figcaption class="wp-element-caption">
 Illicit transaction volume by asset type | Source: Chainalysis
 </figcaption>
</figure> 
 You might also like: <a href="https://crypto.news/eu-sanctions-russians-from-owning-crypto-businesses/"> EU sanctions Russians from owning crypto businesses </a> 
However, certain forms of illicit activities, such as <a href="https://crypto.news/tag/darknet/" target="_blank" rel="noreferrer noopener">darknet</a> market sales and ransomware extortion, still predominantly involve BTC, Chainalysis notes. Meanwhile, scams and transactions linked to sanctioned entities have noticeably shifted to stablecoins starting from 2022. 
The year 2023 also witnessed sanctioned entities and jurisdictions contributing a substantial $14.9 billion to the overall illicit transaction volume, constituting 61.5% of the total measured throughout the year. According to Chainalysis, the significant figure is predominantly fueled by crypto services facing sanctions from the U.S. Department of the Treasury’s Office of Foreign Assets Control (<a href="https://crypto.news/tag/ofac/" target="_blank" rel="noreferrer noopener">OFAC</a>) or operating in sanctioned regions where U.S. sanctions lack enforcement. 
For instance, Garantex persists in its operations due to the absence of U.S. sanctions enforcement in Russia. While Chainalysis noted that not all transaction volume from Garantex is linked to ransomware and money laundering, exposure to the Russia-based crypto exchange introduces “serious sanctions risk for crypto platforms subject to U.S. or U.K. jurisdiction,” the blockchain forensic firm added. 
OFAC sanctioned Garantex in April 2022, <a href="https://home.treasury.gov/news/press-releases/jy0701" target="_blank" rel="noreferrer noopener">saying</a> at the time that over $100 million in transactions have been associated with illicit actors and darknet markets, including nearly $6 million from Russian RaaS gang Conti and also including approximately $2.6 million from the now-defunct Hydra darknet marketplace. 
 Read more: <a href="https://crypto.news/crypto-mixer-tornado-cash-laundered-over-550m-in-2023-despite-sanctions/"> Crypto mixer Tornado Cash laundered over $550m in 2023 despite sanctions </a>

Illicit crypto addresses received over $24b in 2023, Chainalysis says

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