Another caveat to the research is the prevalence of transactions with sanctioned entities, which accounted for a combined $14.9 billion (61.5%) of volume in 2023. Some of this $14.9 billion includes transactions from normal crypto users who happen to live in sanctioned jurisdictions. After all, not all of the Russia-based crypto exchange Garantex, which was sanctioned by the relevant bodies in both the U.S. and U.K. are using crypto for money laundering and ransomware.
Source: https://www.coindesk.com/policy/2024/01/18/crypto-crime-amounted-to-over-24b-in-2023-chainalysis/?utm_medium=referral&utm_source=rss&utm_campaign=headlines