Chainalysis’s 2025 report shows a dramatic 700% rise in crypto transactions tied to sanctioned entities, reaching $104 billion. That surge has pushed the yearly value of illicit on-chain transactions to about $154 billion. Countries such as Russia, Iran, and North Korea are increasingly turning to cryptocurrency to circumvent traditional banking restrictions.
The report identifies the ruble-pegged stablecoin A7A5 as a major instrument for Russian entities, enabling $93.3 billion in transactions and cross-border trade. A7A5, linked to the Grinex and Meer exchanges, provides an instant-exchange service to convert into major USD stablecoins with minimal KYC, handling over $2.2 billion. Iran’s Islamic Revolutionary Guard Corps accounts for more than half of the value received by Iranian services, while North Korea leads in cyber theft, with more than $2 billion stolen in 2025. Stablecoins accounted for about 84% of illicit transaction volumes.
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