Illicit Crypto Activity Hits Record $158bn in 2025

TRM Labs estimates illicit crypto wallets received about $158B in 2025 (up 145% YoY), aligning with Chainalysis’ ~$154B figure, citing drivers such as heightened sanctions evasion (notably Russia, Iran, Venezuela), improved detection via the Beacon Network, increased blocklisting by stablecoin issuers, modest darknet growth, and a few major hacks (e.g., Bybit linked to North Korean actors). Despite higher volumes, illicit activity’s share of total on-chain activity and VASP inflows fell slightly from 2024, and both firms caution figures will likely be revised upward as new intelligence links additional wallets and transactions to illicit actors.