In 2025, illegal crypto wallets received over $154 billion, marking a 162% increase from 2024. This is reported by Chainalysis.
Analysts attribute this growth largely to a surge in activities related to sanctions, including at the national level. Over the past year, the volume of illegal digital assets in this segment increased by 694%.
“The share of these illegal transactions remains negligible compared to the broader crypto economy, which is primarily composed of legal operations. Our estimate of illegal transactions as a percentage of total crypto transactions has slightly increased compared to 2024, but remains below 1%,” experts clarified.
Chainalysis also noted a shift in the types of assets involved in crypto crimes. In 2025, stablecoins became the primary tool of the "black" economy, accounting for 84%, whereas five years ago, Bitcoin held that position.
“This reflects broader trends in the ecosystem, where stablecoins are capturing a significant and growing share of all crypto activity due to their practical advantages: easy cross-border transfers, low volatility, and broader applicability,” researchers added.
According to Chainalysis, a significant portion of illegal transactions in 2025 was linked to entities presumably controlled by governments.
The past year was the most successful for hackers from North Korea, who stole over $2 billion, with a significant portion coming from an attack on the Bybit exchange.
Russia accounted for approximately $93.3 billion, linked to operations involving ruble stablecoins to circumvent international restrictions.
Chinese money laundering networks were identified as a "dominant force" providing services and infrastructure for fraudsters, hackers, and sanctioned individuals.
Iranian proxy networks of terrorist groups conducted transactions on blockchains totaling at least $2 billion.
“Many still perceive crypto crimes as something virtual, involving faceless perpetrators behind keyboards, rather than a real-world threat. In reality, we are witnessing a growing connection between blockchain activity and violent crimes. Digital assets are increasingly used in human trafficking, and there is a particularly alarming rise in instances of physical harm [to crypto investors],” Chainalysis concluded.
It is worth noting that in 2025, losses from crypto phishing decreased by 83%, according to analysts at SlowMist.