According to Chainalysis, sanctions-linked activity drove the surge, with networks tied to North Korea, Russia, Iran, and Asian laundering groups dominating volumes; stablecoins comprised 84% of illicit flows.
Chainalysis reported illicit crypto addresses received $154 billion in 2025, a 162% increase from revised prior-year figures. The rise was driven by sanctions-related activity, with networks linked to North Korea, Russia, Iran, and certain Asian laundering groups accounting for most volumes. Stablecoins comprised 84% of illicit transactions.