Sanctioned entities fueled $16 billion in cryptocurrency activity last year, report says

A Chainalysis report notes nearly $16B in crypto activity tied to sanctioned entities in 2024, driven by a resurgence in Tornado Cash usage despite OFAC sanctions and rising crypto outflows from Iran amid economic and geopolitical stress. Tornado Cash processed about $100M monthly, with roughly a quarter of inflows linked to stolen funds, including $145M in ETH from Heco Chain allegedly by North Korean actors. Iran’s crypto outflows hit $4.18B (up ~70% YoY) as citizens sought to safeguard wealth, while exchanges serving Iranian services declined by ~23% since 2022. TRM Labs estimates global crypto volume at $10.6T in 2024, with $45B (0.4%) assessed as illicit, down from 2023.