Crypto Crime Reaches Record High in 2025 as Nation‑State Sanctions Evasion Moves On‑Chain at Scale

This report analyzes 2025 on-chain illicit activity, estimating at least $154B in crypto received by illicit addresses (with stablecoins comprising 84%) and showing how nation-states and professionalized criminal services are driving record volumes. It highlights DPRK-linked thefts totaling about $2B including the $1.5B Bybit exploit; Russia’s ruble-backed A7A5 token moving $93.3B to facilitate sanctions evasion; Iran-aligned networks laundering over $2B and funding proxies; the rise of Chinese money laundering networks providing laundering-as-a-service; and growth of full-stack infrastructure (e.g., domain registrars and bulletproof hosting) enabling ransomware, CSAM, malware distribution, and scams. The report also underscores increasing intersections between crypto and violent crime and calls for stronger collaboration among law enforcement, regulators, and industry.