Illicit crypto receipts hit $154B in 2025 as stablecoins dominate

Beincrypto reports that illicit crypto addresses received at least $154 billion in 2025, a 162% increase from the previous year, according to a Chainalysis report.

The report said the surge was driven in large part by a 694% rise in funds flowing to sanctioned entities and by stablecoins, which now account for 84% of illicit transaction volume versus roughly 7% for Bitcoin in 2025. Chainalysis also noted Russia’s ruble-backed A7A5 stablecoin moved over $93.3 billion in under a year, North Korean hackers stole $2 billion including nearly $1.5 billion from the February Bybit exploit, and Iran-aligned networks facilitated more than $2 billion in illicit activity. The firm highlighted the emergence of Chinese money laundering networks offering laundering-as-a-service and warned of growing links between on-chain activity and violent crime.

Chainalysis described 2025 as a new, nation-state-driven wave of crypto crime, cautioned the $154 billion figure is a "lower-bound estimate," and said illicit activity still represents less than 1% of attributed crypto transaction volume. The report called for increased cooperation among law enforcement, regulators, and crypto businesses.

Key Topics

Crypto, Stablecoins, Chainalysis, North Korea, Bybit, Huione Guarantee