A preview of Chainalysis’s annual crypto crime report shows illicit addresses tied to criminal operations pulled in at least $154 billion in 2025, a 162% jump from the previous year’s revised $57.2 billion. The spike stems largely from sanctioned entities, whose inflows ballooned by 694% year over year, signaling a shift where crypto is increasingly relevant at the geopolitical level and used to sidestep financial sanctions and restrictions in the traditional banking system. Chainalysis notes that these figures are a conservative baseline, as ongoing investigations often uncover more suspect addresses.
Among the state-linked cases, North Korean hackers are estimated to have netted about $2 billion through thefts, including the record $1.5 billion exploit against crypto exchange Bybit in February. Russia rolled out its ruble-pegged A7A5 token for sanctions dodging, racking up $93.3 billion in transactions in its debut year. Meanwhile, networks linked to Iran laundered over $2 billion for covert oil exports, arms deals, and other activities. Chainalysis notes that identifiable illicit dealings were under 1% of total crypto transactions in 2025, and Bitcoin’s transparent design aids tracking by law enforcement and investigative firms.
Stablecoins emerged as the go-to vehicle for crypto crime in 2025, comprising 84% of illicit flows thanks to their short-term price stability. Despite built-in features like the ability to freeze funds, criminals remain active, a trend that aligns with U.S. policy shifts under the Trump administration. The GENIUS Act, signed into law last year, formalized oversight for these assets, spurring adoption and development by banks and tech firms. The report also notes a shift toward centralized tokens, with Circle and Tether steering activity toward centralized or proprietary blockchains rather than more decentralized options like Ethereum, while altcoins such as Monero and Zcash waned in illicit share.
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