Back

Chainalysis Report: Sanctioned States Drove Record $154B in Illicit Crypto Activity in 2025

Chainalysis highlights that Russia, Iran, and North Korea significantly increased cryptocurrency use in 2025, with stablecoins like the ruble-pegged A7A5 facilitating cross-border transactions and evasion of sanctions.

Summary

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.

Terms & Concepts
  • Stablecoin: A cryptocurrency designed to maintain a stable value by being pegged to fiat currencies such as the U.S. dollar or Russian ruble, commonly used for payments and trading in the crypto market.
  • Sanctions Evasion: The practice of bypassing international economic restrictions imposed by governments, often using alternative financial systems such as cryptocurrency networks.
  • Know-Your-Customer (KYC): A regulatory compliance process requiring financial platforms to verify user identities to prevent money laundering and illicit financial activity.