Over 60% of illegal crypto activity is tied to sanctioned groups or terrorist organizations, report finds

Sanctioned entities, like those linked to North Korean hacking groups and U.S.-designated terrorist organizations such as Lebanon’s Hezbollah, continue to rely on cryptocurrency for fundraising, according to a new report from Chainalysis.

The American blockchain analysis firm’s “2024 Crypto Crime Report” found that $24.2 billion of illicit cryptocurrency was transferred in 2023, based on already identified illicit crypto wallets. Chainalysis retroactively updates its yearly crypto figures when new illicit wallets come to light.

While last year’s numbers currently represent a drop from the previous year, Chainalysis noted a much higher proportion of the funds were attributed to sanctioned or terrorist-linked recipients, accounting for about 61.5% of total illicit transaction volume in 2023.

Read more: CNBC