Analysts predict 2024 will be a record year for illegal cryptocurrency transactions

Experts from the analytics platform Chainalysis have released a report indicating that in 2024, the volume of illegal cryptocurrency transactions is projected to reach almost $41 billion.

This figure could increase by another $10 billion as more addresses linked to illegal digital currency transactions are identified.

"2024 is likely to be a record year for the inflow of funds to illegal entities; these figures are the lower estimates based on the inflow of funds to illegal addresses we have identified to date. A year from now, the figure will rise as we identify more illegal addresses and account for their historical activity in our estimates," the document states.

Despite the absolute figures showing that 2024 has set a new record, the proportion of illegal cryptocurrency use compared to the overall market has fallen to its lowest level in the past three years. Chainalysis pointed out that the share of illegal cryptocurrencies is expected to rise in the future, but historically it has consistently remained below 1%.

Stablecoins continue to be the most popular cryptocurrencies for transferring illegal funds.