In 2024, subjects and jurisdictions under sanctions conducted cryptocurrency operations worth almost $16 billion, which is equivalent to 39% of all illegal transactions with digital assets. A significant part of this volume is associated with renewal the activity of the cryptomixor of the Tornado Cash and growth in the use of digital assets in Iran.
Despite the sanctions of the United States, imposed in 2022, the key infrastructure Tornado Cash remains active. Chainalysis marked the restrictions could not completely stop the platform. At the same time, the use of the service more than doubled compared to the previous year, and the monthly volume of processed transactions amounted to about a million.
Two co-founders of Tornado Cash were charged with laundering money, and another co-founder was sentenced to 64 months of prison in the Netherlands. However, the mixer continues to work, attracting both users seeking confidentiality and cybercriminals. In 2024, about 25% of the service revenues were associated with stolen funds, including $145 million in Ethereum stolen from the Heco Chain network, presumably by hackers from the DPRK.
Events in Iran were another reason for the growth of cryptoactivity. Sanctions, the fall of RIAL by 90% since 2018, and regional instability forced citizens of the country to transfer funds into digital assets. In 2024, the volume of cryptocurrency transactions from Iran reached $4.18 billion, increasing by 70% compared to 2023.
The largest surge was recorded in April when the conflict with Israel was activated. Then there was a massive outflow of digital assets from the country as citizens were afraid of further escalation.
In this case, the number of cryptocurrency exchanges cooperating with Iranian services is reduced. According to Chainalysis, since 2022, their number has decreased by 23%, and now there are a little more than 200 such platforms. Analysts note that many cryptocurrency users in Iran are not engaged in illegal activities but are looking for ways to maintain savings and avoid financial restrictions.