Crypto Crime in 2025 Was Primarily Driven by 694% Surge in State-Driven Sanctions Evasion Volume

**Executive summary:** This Chainalysis report analyzes 2025 trends in cryptocurrency-enabled illicit finance, documenting a record $154 billion received by illicit addresses (driven by a 694% surge to sanctioned entities), state-backed activity by Iran, Russia’s ruble-backed A7A5 stablecoin processing $93.3B, DPRK-linked thefts exceeding $2B, Venezuelan crypto usage, and large-scale scam and laundering networks in Southeast Asia; it highlights coordinated sanctions, infrastructure-focused enforcement, and observable on-chain behaviors used for sanctions evasion and illicit settlement.