{"id":21318,"date":"2025-02-19T18:26:33","date_gmt":"2025-02-19T16:26:33","guid":{"rendered":"https:\/\/forklog.com\/en\/sanctioned-entities-received-15-8-billion-via-cryptocurrencies-in-2024\/"},"modified":"2025-02-19T18:26:33","modified_gmt":"2025-02-19T16:26:33","slug":"sanctioned-entities-received-15-8-billion-via-cryptocurrencies-in-2024","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/sanctioned-entities-received-15-8-billion-via-cryptocurrencies-in-2024\/","title":{"rendered":"Sanctioned Entities Received $15.8 Billion via Cryptocurrencies in 2024"},"content":{"rendered":"

In 2024, jurisdictions and entities on the OFAC<\/span> sanctions list received $15.8 billion through cryptocurrency transactions\u2014about 39% of all illicit activity. These figures were reported by experts from Chainalysis<\/a>.<\/p>\n

State Involvement in Illegal Transactions<\/h2>\n

According to analysts, a record 60% of illegal crypto transactions in 2024 were attributed to sanctioned jurisdictions rather than individuals or organizations.<\/p>\n

\"Sanctioned
Volume of funds received by sanctioned entities. Source: Chainalysis.<\/figcaption><\/figure>\n

Experts observed that this shift in proportions is linked to the activities of Iranian centralized exchanges, which have seen a surge in activity and fund outflows. Local services saw $4.8 billion exit\u2014a 70% increase compared to the previous year.<\/p>\n

New OFAC sanctions in 2024 primarily targeted financial infrastructure facilitating illegal financial activities, rather than individuals and small groups.<\/p>\n

\"Sanctioned
OFAC sanction programs related to cryptocurrencies. Source: Chainalysis.<\/figcaption><\/figure>\n

Chainalysis noted that as economic pressure intensifies, countries on the sanctions list are turning to cryptocurrencies to sustain trade and access capital.<\/p>\n

Russia and Iran are strengthening ties with BRICS countries to develop payment mechanisms outside the traditional dollar system, including the potential creation of a common digital currency.<\/p>\n

Resilience of Tornado Cash<\/h2>\n

Experts highlighted the role of crypto mixers in circumventing sanctions. They pointed out the service Tornado Cash, which continued operations despite OFAC sanctions (lifted in January 2025<\/a>), the arrest of developers, and legal proceedings.<\/p>\n

\"Sanctioned
Volume of funds received by Tornado Cash. Source: Chainalysis.<\/figcaption><\/figure>\n

After the service’s web interface was disabled, fund inflows dropped by 90%, yet operations continued due to its decentralized smart contract system. In 2024, inflows increased by 108%.<\/p>\n

\n

\u201cAlthough fund flows have not returned to pre-sanction levels, Tornado Cash still facilitates transactions worth hundreds of millions of dollars monthly,\u201d analysts noted.<\/p>\n<\/blockquote>\n

They emphasized that blockchain transparency allows for tracking illegal activities, but the decentralized nature of services makes forced shutdowns significantly challenging.<\/p>\n

Earlier in February, Russian hosting provider Zservers was sanctioned for aiding the LockBit ransomware group.<\/p>\n","protected":false},"excerpt":{"rendered":"

In 2024, jurisdictions and entities on the OFAC sanctions list received $15.8 billion through cryptocurrency transactions\u2014about 39% of all illicit activity. These figures were reported by experts from Chainalysis. State Involvement in Illegal Transactions According to analysts, a record 60% of illegal crypto transactions in 2024 were attributed to sanctioned jurisdictions rather than individuals or […]<\/p>\n","protected":false},"author":1,"featured_media":21317,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[274,686,1314,26],"class_list":["post-21318","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-chainalysis","tag-sanctions","tag-tornado-cash","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"51","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/21318","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=21318"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/21318\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/21317"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=21318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=21318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=21318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}