Sanctions and State Activity Push Illicit Crypto Flows to Record $154B in 2025
Global sanctions and state-driven transactions fueled a 162% surge in illicit cryptocurrency flows to $154 billion in 2025, according to Chainalysis data. Sanctioned entities dominated the activity, though illegal usage remained below 1% of total crypto transactions.
Stablecoins accounted for 84% of illicit volume, reflecting demand for stable-value cross-border transfers. The trend underscores how geopolitical tensions are reshaping financial circumvention tactics without destabilizing broader crypto markets.