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In the year-to-date, crypto funds to legitimate services are at their highest levels since 2021 and crypto crimes have dropped by 19.6%.

Crypto crime value in the year so far totals $16.7bn, down from $20.9bn at the same point last year.

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This is according to blockchain data firm Chainalysis which also found that there was a decline in illicit transactions compared to the same period last year, but ransomware was still an issue.

At this point last year, Chainalysis reported cumulative ransomware payments of around $449.1m through the end of June 2023. However, this year through the same period, the researchers recorded a total of $459.8m in ransoms paid, setting 2024 firmly on track to be the worst year on record.

In addition, 2024 recorded the largest single payment ever recorded at approximately $75m to a ransomware group known as Dark Angels. This increase in the maximum payment size signifies a 96% YoY growth from 2023 and a 335% rise compared to the maximum payment in 2022.

“It is highly encouraging to see that criminal activity continues to become an ever-shrinking share of the crypto ecosystem. The growth of legitimate activity outpacing that of illicit activity on-chain demonstrates the continued transition of cryptocurrencies to the mainstream. Just as with traditional financial systems, it is unlikely that illicit activity will be entirely eradicated. But advanced blockchain analysis tools, such as those provided by Chainalysis, are empowering law enforcement agencies and enterprises to counter the threat ever more effectively. This places crypto and blockchain on track to revolutionise the exchange of value, much like the internet did for the exchange of information,” said Eric Jardine, cybercrime research lead at Chainalysis.

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He added: “It is highly encouraging to see that criminal activity continues to become an ever-shrinking share of the crypto ecosystem. The growth of legitimate activity outpacing that of illicit activity on-chain demonstrates the continued transition of cryptocurrencies to the mainstream. Just as with traditional financial systems, it is unlikely that illicit activity will be entirely eradicated. But advanced blockchain analysis tools, such as those provided by Chainalysis, are empowering law enforcement agencies and enterprises to counter the threat ever more effectively. This places crypto and blockchain on track to revolutionise the exchange of value, much like the internet did for the exchange of information,” said Eric Jardine, Cybercrime Research Lead at Chainalysis.