Chainalysis: Illicit crypto activity reached at least $154B in 2025 as sanctioned entity inflows surged 694%

Chainalysis reported on Jan. 8 that it tracked at least $154 billion in illicit cryptocurrency transactions in 2025, a 162% increase from the prior year, driven primarily by a 694% surge in funds received by sanctioned entities. The firm said nation-state actors now operate large-scale on-chain infrastructure to support transnational criminal networks and launder crypto proceeds, with stablecoins accounting for 84% of all illicit transaction volume. Chainalysis added that even excluding the jump in sanctioned entity inflows, 2025 would still mark a record year for crypto-related crime, as most illicit activity categories increased.