Illicit Crypto Hits All-Time High $154B; Stablecoins Lead at 84%
Illicit cryptocurrency activity reached a record $154 billion in 2025, driven by nation-state sanctions evasion and a shift where stablecoins now dominate illicit volume.Summary
According to a Chainalysis report, illicit cryptocurrency crime hit an all-time high of at least $154 billion in 2025, marking a 162% surge from the previous year. This dramatic increase was fueled by a 694% spike in funds sent to sanctioned entities, signaling a "third wave" of crypto crime dominated by nation-states seeking to evade sanctions, following earlier waves characterized by cybercriminals and professionalized criminal organizations.
The preferred currency for crime has fundamentally shifted; in 2025, stablecoins accounted for 84% of illicit transaction volume, up from just 15% in 2020, while Bitcoin's share dropped to about 7%. This preference is due to stablecoins' utility for cross-border transfers and lower volatility. The report also highlights the rise of Chinese Money Laundering Networks (CMLNs) offering "laundering-as-a-service," and increased use of crypto in violent crimes like human trafficking.
Despite the record figures, illicit activity remains under 1% of total crypto volume. Chainalysis concluded that while the percentage is small, the stakes are higher than ever, urging increased cooperation between law enforcement, regulators, and crypto businesses to maintain ecosystem integrity.
(Source：BeInCrypto)