On-chain laundering grew from $100 billion in 2020 to more than $820 billion by 2025. Chinese-language money-laundering networks currently account for about 20% of known illicit flows. These networks have seen inflows grow thousands of times faster since 2020 than centralized exchanges or DeFi protocols, as criminals increasingly evade places where funds could be frozen.
Chainalysis says that in 2025 alone, CMLN processed at least $16.1 billion, distributed across 1,800 active wallets and six core service types. From major intermediaries that provide initial access to bank accounts and exchange wallets to extensive money mule networks, informal OTC desks, and publicly trading tainted cryptocurrency at discounted prices in so-called “Black U” services, these networks vary in scope. The ecosystem centers on Telegram-based “guarantee platforms” that connect buyers and sellers of laundering services, acting as escrow and reputation hubs.
The speed and scale of these networks suggest deep links with off-chain criminal organizations, including fraud and cybercrime groups. Despite sanctions and policy guidance tightening oversight, Chainalysis says the findings show cryptocurrency money laundering is evolving into a resilient, globally distributed service industry that adapts to enforcement pressure.
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