Overview
- Chainalysis observed at least $14bn routed to criminals in 2025 and projects the total could rise to $17bn as additional illicit wallets are identified.
- Impersonation activity grew 1,400% by volume with related payments up over 600%, and the average scam payment rose 253% to $2,764.
- Campaigns cited include the Smishing Triad’s E‑ZPass phishing effort and a multimillion‑dollar operation spoofing Coinbase.
- Operations with on‑chain links to AI vendors extracted about $3.2m per scheme versus $719,000 without such links, signaling greater reach and efficiency.
- Industrialized networks now supply phishing kits, targeted data, and bulk spamming alongside laundering via Southeast Asia pig‑butchering groups and CMLNs, while enforcement wins included Zhimin Qian’s conviction, a 61,000 BTC seizure, and US charges against Chen Zhi with multibillion‑dollar forfeitures.