Report Describes Crypto’s $350 Billion Shadow War

A study of 164 documented cases (2005–2025) concludes that crime syndicates and hostile states—particularly Russia, North Korea, and Iran—increasingly exploit cryptocurrency to launder funds and evade sanctions, estimating at least $350 billion laundered; examples include the Russian exchange Garantex handling over $100 billion with 82% linked to sanctioned entities, North Korean-linked thefts totaling $4.1 billion including a reported $1.5 billion Bybit breach, and Iranian use of crypto from oil sales exceeding $100 million, with the U.S., U.K., and Russia most affected and 79% of cases ending without convictions.