Crypto theft grew in 2024 with stablecoins ranking as the most commonly featured asset.
Stablecoins has maintained the lead among cryptocurrencies mostly used for illegal transactions, surpassing Bitcoin BTC $93 568 24h volatility: 0.1% Market cap: $1.86 T Vol. 24h: $29.24 B for the second year. According to Chainalysis’ 2025 Crypto Crime Report, stablecoins comprised 63% of illegal crypto activities in 2024.
This shift highlights a growing trend where criminals use stablecoins to carry out illegal operations because of their simplicity. Nevertheless, this surge is just a part of a much larger picture of growing crypto crime.
Stablecoins: The New Face of Illicit Crypto Activity
Stablecoins have earned a reputation for their stability, making them an ideal choice for those trying to hide their illegal transactions. Unlike Bitcoin, which can fluctuate in value, stablecoins are pegged to traditional currencies like the US dollar, offering a consistent value.
Since 2022, stablecoins have become the preferred choice for many criminals. The asset class accounted for 63% of illicit crypto volume in 2024, a massive rise compared to previous years. Interestingly, stablecoin activity on L2s also skyrocketed, with a year-over-year growth of 77%.
This means the asset class accounts for a significant share of all crypto activities. In 2024, illicit crypto activity was expected to hit an estimated $51.3 billion. This was due to the increasing number of crimes on blockchain networks, from money laundering to scams and theft.
Chainalysis’s report indicated that suspicious addresses held a total of approximately $40.9 billion in 2024. This number could increase as additional fraudulent addresses are uncovered and included.
The growing use of blockchain for criminal activities means the total value of illicit transactions is ballooning. Every year, crypto crime becomes more widespread and harder to track.
The prevalence of thefts makes strong personal security practices for crypto holders even more crucial.
North Korean Hackers Lead the Charge in Stolen Crypto
In 2024, stolen funds jumped by 21%, reaching $2.2 billion. Many of these came from decentralized finance (DeFi) platforms, which hackers increasingly target. However, centralized exchanges (CEX) were also in the crosshairs, especially during the middle of the year, as criminals exploited weaknesses in these platforms.
Thefts tied to compromised private keys were particularly concerning last year. These breaches accounted for nearly 43.8% of stolen crypto. Such hacks are becoming more common, with criminals accessing users’ crypto wallets by gaining control of their private keys.
North Korean hackers, particularly the Lazarus Group, were responsible for the largest crypto theft of the year, with an estimated $1.34 billion stolen in 2024. This is the biggest seizure by the group so far, marking a troubling point in the world of cybercrime.
Crypto frauds, both high-tech and low-tech, continued to thrive. Among the most common scams were high-yield investment schemes, where scammers promise huge returns but disappear with the victims’ money.
Another rampant scam was “pig butchering,” in which fraudsters build fake relationships with victims. They manipulate them into investing in fake crypto opportunities. These scams prey on unsuspecting investors, making trust in the industry harder to come by.
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