Chainalysis: Illicit Crypto Flows Hit $154 Billion in 2025, Remain Below 1% of Total On-Chain Volume

Blockchain analytics firm Chainalysis reported on March 5 that addresses classified as illicit received at least $154 billion in cryptocurrency in 2025, a 162% year-over-year increase driven largely by a 694% jump in value sent to sanctioned entities. The firm noted this figure represents a lower-bound estimate based on currently identified illicit addresses, with sanctioned entities tied to geopolitical conflicts and state-backed financial networks playing a major role in the rise. Despite the increase, illicit volumes remained below 1% of total on-chain activity, with stablecoins now accounting for 84% of illicit transaction volume, the report said.