Chainalysis has shared several key insights from the 2024 State of Cryptocurrency Investigations Report.
In 2024, cryptocurrency adoption continues to grow, the Chainalysis team noted while adding that it “enables millions of people around the world to transact without middlemen and take greater control of their finances.”
As is the case with any new technology, though, Chainalysis pointed out that criminals have also begun “to exploit crypto for nefarious purposes.”
These illicit use cases extend “beyond the forms of cybercrime we typically think of as crypto-native, such as ransomware and darknet markets, and include everything from intellectual property crime to conventional drug trafficking.”
Due to these developments, cryptocurrency is an increasingly important topic “for the public sector across law enforcement, regulatory, and military agencies,” according to the report from Chainalysis.
The blockchain analytics firm also mentioned that the public sector “must ensure that crypto benefits constituents and that society can reap its rewards while minimizing its illicit use.”
They designed the survey in their 2024 State of Cryptocurrency Investigations Report to determine “how public sector employees around the world think about cryptocurrency.”
Here’s a summary of our key findings:
- Law enforcement respondents said that cryptocurrency is relevant to many of their investigations, but hold mostly positive views on crypto overall.
- Latin America and EMEA respondents are the most optimistic about cryptocurrency’s role in the future of financial markets, while APAC respondents have more negative perceptions.
- Respondents expect cryptocurrency to be involved with more cases across a wider variety of criminal activities over the next five years.
- Investigations of cryptocurrency-related crimes take longer than other crimes, but blockchain analysis solutions like Chainalysis aid in the evidence-gathering process.
- About half of respondents are dissatisfied with the staffing and technical resources available for solving cryptocurrency-related crime.
As covered, Chainalysis offers cryptocurrency investigation and compliance solutions “to global law enforcement agencies, regulators, and businesses as they work together to fight illicit cryptocurrency activity.”
Backed by Benchmark and other names in venture capital, Chainalysis says that it “builds trust in blockchains.”