Chainalysis reported that sanctioned entities in Russia, Iran, and North Korea received over $104 billion in cryptocurrency in 2025, a 700% increase from 2024, contributing to a record $154 billion in illicit on-chain activity. Stablecoins accounted for approximately 84% of this volume, with the ruble-pegged A7A5 processing $93.3 billion. Iran’s IRGC-linked addresses moved over $3 billion, while North Korean hackers stole more than $2 billion, including $1.5 billion from Bybit.