Illicit Crypto Economy Surges as Nation-States Join in the Fray

Illicit crypto transactions surged in 2025 to at least $154B, largely driven by sanctioned states—especially Russia with its ruble-backed A7A5 token—and extensive Southeast Asian money-laundering networks, while stablecoins facilitated about 84% of illicit flows. The report outlines how cybercrime’s service economy has matured beyond mixers to full-service laundering and state-aligned infrastructure, with entities like Iran’s IRGC and proxies increasingly using crypto; despite these challenges, coordinated law-enforcement actions and major seizures demonstrate ongoing disruption potential.