TRM Labs’ 2025 report shows illicit activity remains a small share of the crypto market, accounting for about 1.2% of total transaction volume, even as its value rises after years of decline. Last year, criminals earned roughly $158 billion in digital assets, signaling a sharp rebound in illicit activity value.
Sanctions-related crypto activity surged and was led by Russia-linked flows, totaling about $72 billion in ruble-backed stablecoin trades. The wallet cluster known as A7 is connected to over $39 billion in transactions that could be used to evade sanctions. While Russia-centered networks dominated sanctioned volumes, Venezuela and China have also institutionalized crypto payment networks.
In 2025, hacking incidents caused losses of about $3 billion, with roughly half attributed to DPRK-linked operations. North Korea hackers stole a record $2 billion in crypto that year. They used Chinese laundering shops and chain hopping to obscure proceeds, and the report warns that greater specialization makes recovery harder as stolen assets move through layered intermediaries, tightening the window to block them.
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