TRM Labs notes illicit cryptocurrency flows reached USD 158 billion in 2025, the highest in five years. The figure reflects a broader shift, with sanctions-related inflows tied to state-linked financial infrastructure and sanctioned assets. Central to this dynamic is the ruble-pegged stablecoin A7A5, which processed more than USD 72 billion in total volume. The A7 wallet cluster is associated with at least USD 38 billion in 2025, illustrating concentrated activity tied to sanctions evasion and state-aligned infrastructure.
A7 stands out as a centrally coordinated sanctions-evasion and financial-resilience architecture tied to Russian state interests. On-chain activity indicates that A7 functions as a hub connecting Russia-linked actors with counterparties across China, Southeast Asia, and Iran-linked networks. These dynamics reflect a deliberate shift toward crypto-enabled, state-aligned financial infrastructure, with Russia-linked actors leveraging stablecoins and higher-risk services as part of a long-term sanctions strategy.
Adjusted total incoming illicit cryptocurrency activity rose to approximately USD 158 billion in 2025, the highest level observed in the past five years. Geopolitical pressures reshaped illicit crypto activity as state and state-aligned actors moved to using cryptocurrency as core financial infrastructure rather than a tool of last resort. In Venezuela, crypto acted as a pressure-release valve to support payments, remittances, and state-linked activity amid banking restrictions. China plays a distinct role as a hub for illicit financial services infrastructure, with activity linked to Chinese-language escrow services and underground banking networks growing from about USD 123 million in 2020 to over USD 103 billion in 2025.
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