Cryptocrime on the Rise: Professional Networks Fueling Illicit Activity

The cryptocurrency market is experiencing a surge in criminal activity. Sophisticated organized crime networks are leveraging blockchain technology to launder money, extort funds, and disrupt exchanges. While illicit transactions have decreased from 0.70% to 0.14%, the volume of crime has shifted to more complex, professionalized operations. This shift is evident through the rise of stablecoins as criminals’ preferred asset for their activities due to their price stability and liquidity. North Korean hackers stole $1.46 billion in 2024 from platforms like Bybit, showcasing the growing sophistication of cyberattacks.