Overview
- Chainalysis reports at least $154 billion to illicit addresses in 2025, up 162% year over year, yet still under 1% of total on‑chain volume.
- Inflows to sanctioned entities jumped 694%, which the report identifies as the primary driver of the surge.
- Stablecoins made up 84% of identified illicit transaction volume, reflecting their liquidity, speed, and price stability.
- Russia’s A7A5 ruble‑linked token processed over $93.3 billion, Iran‑aligned networks moved more than $2 billion, and DPRK‑linked hackers stole about $2 billion including the Bybit exploit.
- Chinese money‑laundering networks expanded into full‑service providers, as on‑chain activity increasingly intersected with violent coercion and other real‑world crimes.