In 2025, over $154 billion flowed into illegal crypto wallets - a 162% increase from 2024, according to a report by Chainalysis.

Analysts said most of the growth was driven by an increase in sanctions-related activity, including at the country level.Over the last 12 months, 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 consists mainly of legal transactions. Our estimate of illegal transactions in the total volume of crypto transactions has increased slightly compared to 2024, but remains below 1%," the experts specified.

Chainalysis also noted the change in the types of assets used in crypto crimes.In 2025, stablecoins (84%) became the main instrument of the “black” economy, while five years ago it was Bitcoin.

"This reflects a broader trend in the ecosystem in which "stable coins" account for a significant and growing share of overall crypto activity due to their practical advantages - easy cross-border transfers, low volatility and broader application possibilities," the researchers added.

According to Chainalysis, a significant portion of illicit trade in 2025 was in suspected state-controlled structures.

Last year was the most successful for hackers from North Korea: They stole more than $2 billion.Most of this sum was stolen through an attack on the Bybit exchange.

The Russian Federation accounted for approximately $93.3 billion linked to transactions in ruble stablecoins to circumvent international restrictions.

Chinese money laundering networks have been described by analysts as a "dominant force" providing services and infrastructure to fraudsters, hackers and sanctioned individuals.

Iranian proxy networks of terrorist groups have carried out transactions on blockchains worth at least $2 billion.

"Many still imagine crypto crimes as something virtual, like faceless attackers behind their keyboards, rather than a real-world threat. In fact, we are seeing a growing connection between blockchain activity and violent crime. Digital assets are increasingly being used in human trafficking, and there has been a particularly worrying increase in cases of physical violence [against crypto investors],” Chainalysis summarized.

As a reminder, in 2025, crypto phishing losses fell by 83%, analysts at SlowMist said.