Chainalysis report shows US$40.9 billion was received by illicit addresses in 2024; figure projected to reach US$51 billion as ongoing analysis uncovers further criminal activity

As global cryptocurrency utilisation continues to rise, evidenced most recently in the post-US election bull run, so too does the ever-present shadow of crypto crime. In its annual Crypto Crime report, Chainalysis found that through 2024, illicit addresses received a whopping US$40.9 billion — a figure that the blockchain data leader estimates will rise to US$51 billion, as it continues to refine its analysis.

While this places 2024 on track to be the second most prolific year for cryptocrime, it’s important to recognise that crime remains just a minute share of the larger crypto ecosystem, accounting for just 0.14% of the year’s total on-chain transaction value.

What Chainalysis experts noted as being concerning however, is the ongoing diversification and professionalisation of crypto crime. “An increasing number of illicit actors, including transnational organised crime groups, are exploiting cryptocurrency to conduct a range of traditional criminal activities, such as drug trafficking, gambling, intellectual property theft, money laundering, human and wildlife trafficking, and violent crime. Notably, some criminal networks are turning to cryptocurrency to enable “polycrime” —engaging in multiple forms of criminal activity,” said Eric Jardine, Cybercrimes Research Lead at Chainalysis.

This trend is evidenced in the fact that of the US$40.9 billion received by illicit addresses in 2024, US$10.8 billion can be attributed to “illicit-actor organisations”, a category Chainalysis defines to encompass wallets linked to individuals and services directly involved in cybercrime, including hacking, extortion, trafficking, and scams, as well as those facilitating these crimes by offering infrastructure, tools, and services such as laundering-as-a-service.

Following the introduction of the landmark Payment Token Services Regulation by the Central Bank of the UAE (CBUAE) in July last year, another particularly concerning development for the UAE’s rapidly advancing crypto community is the fact that for a third year in succession, Chainalysis has observed a steady diversification away from BTC, with stablecoins now occupying the majority (63%) of all illicit transaction volume. Stablecoins currently account for the largest share of crypto activity in the UAE (51%), standing significantly higher than both Bitcoin (19%) and Ether (9%), which are typically considered to be the most recognised and popular cryptocurrencies.

“The UAE’s crypto community, including global stakeholders, is closely monitoring and actively engaging with the Central Bank’s stablecoin regime. With the approval of the AE coin, the country’s first regulated, AED pegged stablecoin, consumers will no doubt be excited to leverage the benefits these assets bring. However, the threat of losing their hard-earned investments to crypto criminals has the potential to dampen this enthusiasm. Ecosystem stakeholders, including VASPs, regulatory and supervisory authorities, as well as law enforcement agencies, must collaborate to implement robust safeguards against cryptocrimes, which not only protect the users but also reinforce trust in the UAE’s burgeoning digital asset ecosystem. This would ensure that innovation in the crypto space is matched by resilience against evolving threats,” said Arushi Goel, Policy Lead – Middle East and Africa at Chainalysis.

Reveals a Bayt.com and Markelytics Solutions MENA Study

Study unveils a higher tendency amongst men to switch jobs than women with both genders expecting increased salaries by 20% in 2025.

Bayt.com, the Middle East’s leading job site, and Markelytics Solutions have collaborated on a new research and unveiled the results of their first study together, named the Salary Survey in the MENA region. The initiative delves into core aspects of employee satisfaction, including compensation, work-life balance, job security, and professional growth. Drawing on responses from over 1,200 employed individuals across the GCC, North Africa, and the Levant, the research identifies opportunities for employers to enhance compensation structures, retain talent, and better understand the evolving needs of today’s workforce.

The survey highlights notable patterns in job mobility among MENA professionals. Men exhibit a higher tendency to switch jobs compared to women (65% vs. 50%), often driven by the pursuit of better compensation or career progression. Younger respondents (18–25) display particularly high turnover rates with over 40% having a tendency to switch jobs with many having held three or more roles early in their careers. In contrast, employees aged 36 and above often report having five or more past roles, reflecting career stability and growth. Additionally, 81% of respondents have spent no more than two years with their current employer, indicating widespread job transitions across the region. Regionally, employees in North Africa and the Levant tend to have longer tenures due to local workforce participation and union protections. In the GCC, which includes a large expatriate workforce, contractual limitations set by employers result in shorter tenures, as 48% of respondents have been with their current employer for only 1–2 years.

The survey also highlighted benefits of employees, ranging from monetary and work-life balance to professional development. The results revealed that 77% of respondents receive monetary benefits, such as bonuses or overtime pay, with men more likely to access these financial perks. Women, meanwhile, benefit more from policies supporting work-life balance. Healthcare coverage is most prevalent in GCC countries, where nearly half of employees receive medical insurance, while employees in the Levant receive the least healthcare coverage. In terms of benefits related to professional and personal development, opportunities are limited, with North Africa showing relatively better engagement in training programs. Flexible working hours are reported by 25% of respondents, but family-oriented benefits like educational allowances or travel support remain scarce.

The study also highlighted that employees (36+) report higher satisfaction levels regarding salary and overall work experience, compared to younger groups. However, dissatisfaction with compensation persists, with 28% of men and 38% of women describing themselves as “not at all satisfied” with their salaries. North Africa leads in satisfaction levels related to management and organizational culture, whereas GCC and Levant respondents cite stagnant wages and limited benefits as key concerns. Workplace proximity, strong leadership, and a reputable company name, significantly influence employee loyalty across all regions.

In terms of compensation trends, a majority of respondents (66%) did not receive raises in 2024, with 46% of women and 34% of men currently expecting salary increases of 20% or more in 2025. One in five plans to request a raise in 2025, reflecting elevated wage expectations. North Africa leads the region in 2024 salary increments, while the Levant shows minimal optimism for future raises, likely due to economic challenges. Employees in the GCC indicated benefits from employer-provided housing and allowances. In terms of earning dynamics, around three quarters of men who took part in the study claim to be sole earners, while only 31% of women participants claim to receive support from and rely on spouse or family income.

High job mobility remains a defining feature of the MENA workforce, with 59% of respondents planning to leave their current positions in the near future. Younger professionals (18–25) lead this trend, citing inadequate salaries, burnout, and limited recognition as primary motivators. Toxic workplace environments, including office politics and favoritism, further contribute to dissatisfaction. Overall, 87% of respondents report switching jobs at least once in the past year, emphasizing the urgent need for employers to address retention challenges.

Jasal Shah, CEO of Markelytics Solutions, commented: “These findings reflect the evolving priorities of a diverse workforce, where employees expect more than just competitive salaries; they also seek personal growth, stability, and supportive work cultures. The comprehensive study is a direct result of our new partnership with Bayt.com, which can enable organizations in the MENA region to make informed decisions that not only align with employee needs but also bolster long-term business success.”

Dina Tawfik, Vice President of Growth at Bayt.com, said: “We’re thrilled to collaborate with Markelytics Solutions on this survey, which shines a spotlight on critical aspects of employee satisfaction in the MENA region. Through insights on compensation, benefits, and mobility, we aim to help employers optimize their people strategies and empower employees to find workplaces that truly meet their aspirations.”

The Salary Survey underscores several critical gaps within compensation, benefits, and career advancement structures, particularly for younger employees and women. By addressing these areas, organizations can more effectively engage their talent, reduce turnover, and build a resilient workforce. Conducted online in the month of December 2024, the survey included more than 1,200 employed respondents from GCC countries, North Africa, and the Levant. With 87.9% participation from GCC and North Africa, the data provides actionable insights to guide future workforce strategies.

2024 marks the fourth consecutive year in which hackers stole more than US$1Billion worth of crypto assets

In recent weeks, Bitcoin, the world’s most valuable cryptocurrency, has once again been making headlines for the impressive bull run that saw it surpassing US$100,000 for the first time ever. While this milestone is likely to draw further investment into digital assets, new data from Chainalysis suggests investors be conscious of the platforms they utilize, as through 2024, crypto hackers managed to steal US$2.2 billion worth of crypto.

This stolen amount represents a 21% year-on-year increase, and marks a fourth consecutive year in which criminals stole over US$1 billion in crypto. Interestingly, it was just 303 individual hacking incidents that resulted in these losses, highlighting the relatively high concentration of attacks, and the potential for significant losses through even single incidents.

Although DeFi still accounted for the largest share of stolen assets in the first quarter of 2024, centralized services were the most targeted in Q2 and Q3. Some of the most notable centralized service hacks include DMM Bitcoin (May 2024; US$305 million) and WazirX (July 2024; US$234.9 million).

“This shift in focus from DeFi to centralized services highlights the increasing importance of securing mechanisms commonly exploited in hacks, such as private keys,” said Eric Jardine, Cybercrimes Research Lead at Chainalysis. Private key compromises accounted for the largest share of stolen crypto in 2024, at 44%. “For centralized services, ensuring the security of private keys is critical, as they control access to users’ assets. Given that centralized exchanges manage substantial amounts of user funds, the impact of a private key compromise can be devastating.”

In the UAE, both Centralized and Decentralized services are popular, with the former accounting for 47% of the country’s crypto transaction share by volume between July 2023 and June 2024, and the latter accounting for 32% over the same period. “It’s important to recognize that hackers are constantly adapting their techniques, making robust security practices non-negotiable across virtual asset and financial service providers. Security also needs to be seen from the lens of being reactive to proactive, with providers focusing on identifying and addressing threats before they happen. At a very minimum, investors should prioritize using multi-factor authentication (MFA), regularly updating passwords, and storing their private keys securely offline. Additionally, choosing exchanges or platforms with robust security protocols and insurance coverage can provide an extra layer of protection. Fortunately, the UAE’s clear regulatory framework represents a significant step towards creating a more secure crypto ecosystem,” Jardine added.

Describing how a collaborative approach between the public and private sectors is essential to mitigate the growing threat of crypto hacks, Jardine said, “Data-sharing initiatives, advanced tracing tools, and targeted training can empower stakeholders to quickly identify and neutralize malicious actors while building the resilience needed to safeguard crypto assets. By fostering stronger partnerships with law enforcement and equipping teams with the resources and expertise to respond rapidly, the crypto industry can reinforce its defences against theft. Such efforts are not only critical for protecting individual assets, but also for building long-term trust and stability in the digital ecosystem.”