Digital asset crimes are on the rise, and it’s not just a minor hiccup—it’s a full-blown crisis. With illicit cryptocurrency transactions growing at an alarming rate, 2024 is set to break records. Scams are rampant, and despite some attempts at regulation, the bad guys are still making a killing. Literally. Ransomware payments are at an all-time high, which should make anyone with a digital wallet a little uneasy.
Digital asset crimes have spiraled into a full-blown crisis, with scams and ransomware hitting unprecedented levels in 2024.
Sure, there’s been a 24% decline in overall illicit crypto transactions, but let’s not kid ourselves. Scams? Still a major headache. The Department of Justice is all about prosecuting these crimes because, let’s face it, robbing digital asset investors is just too easy and too tempting for the nefarious types out there. The tools are getting sharper and smarter, thanks to blockchain intelligence, but the criminals are crafty. They adapt faster than you can say “Bitcoin.” Bear markets can also contribute to increased criminal activity as investors may panic and make impulsive decisions.
In 2024, the total crypto transaction volume soared past USD 10.6 trillion. That’s a whole lot of action. Yet, amidst this growth, illicit activities still keep their claws in the ecosystem. Illicit addresses received approximately $40.9 billion in 2024, reflecting the alarming scale of the problem. Scams and hacking incidents are on the rise within the crypto space, with ransomware and even terrorist financing creeping in, adding fuel to the fire of concern. And North Korea? They’re stealing millions like it’s a game, with nearly USD 800 million in hacks this year alone. State-sponsored crime is very real, and the world is on its toes.
The lack of attribution is alarming. It’s like playing hide-and-seek with ghosts. And let’s not forget about sanctions evasion, which is becoming a trendy way for criminals to play the system. The digital asset landscape is messy, and it’s only getting messier.
