Illicit Funds Hit Record High in ‘24

Sanctions-related cryptocurrency activity hit new highs in 2024, with sanctioned jurisdictions and entities receiving a record share of illicit funds, increasing the need for a robust legal and compliance framework to ensure the most effective path forward, Chainalysis said in a report Wednesday.

Andrew Fierman, head of national security intelligence at Chainalysis, said as sanctioned nations and entities explore alternative financial channels in the ever-changing web3 landscape, the private sector needs to take a risk-based approach ensuring regulatory compliance while supporting their business growth.