Record $154 Billion in Illicit Crypto in 2025

Blockchain analytics firm Chainalysis reported Thursday that illicit cryptocurrency addresses received at least $154 billion in 2025, a record high that marked a 162 percent increase from the revised $59 billion figure for 2024. The surge, primarily driven by sanctioned entities evading international restrictions, highlighted a growing role for digital assets in geopolitical finance.

The report attributed much of the rise to a 694 percent year-over-year jump in funds flowing to addresses linked to blacklisted governments and organizations. Chainalysis described 2025 as a pivotal year, with nation-states increasingly integrating cryptocurrency into strategies to bypass traditional banking sanctions. "In 2025, we tracked a notable rise in nation-state activity in crypto, marking the latest phase in the maturation of the illicit onchain ecosystem," the firm stated.

Russia emerged as a key example, launching the ruble-backed A7A5 token in February 2025 following legislation aimed at facilitating cryptocurrency use for sanctions evasion. Within its first year, the token processed more than $93.3 billion in transactions, enabling value transfers outside conventional financial systems....