Chainalysis Sees Sanctions Push Illicit Crypto Volumes to $154 Billion in 2025

Chainalysis reported that illicit cryptocurrency addresses received at least $154 billion in 2025, a 162% increase from 2024, as sanctioned state actors expanded their on-chain activity. Stablecoins made up the bulk of these flows, while illicit transactions still accounted for under 1% of total crypto usage, even as security firm PeckShield flagged rising exploits and social engineering scams.