Crypto crime report 2025 reveals record nation-state activity

Crypto’s link to physical crime grew in last year, with trafficking and coercion increasingly tied to digital asset transfers.
Report 2025 shows a surge in illicit crypto activity by nation-states, sanctioned entities, and criminal networks using stablecoins.

Illicit crypto activity surged in 2025 as nation states and professional criminal networks expanded on-chain operations. Government-linked actors used infrastructure built for organised cybercrime, increasing risks for regulators and security teams.

Data shows that illicit crypto addresses received at least $154 billion during the year, representing a 162% increase compared to 2024. Sanctioned entities drove much of the growth, with stablecoins making up 84% of illicit transactions due to their liquidity and ease of cross-border transfer.

North Korea remained the most aggressive state actor, with hackers stealing around $2 billion, including the record-breaking Bybit breach. Russia’s ruble-backed A7A5 token saw over $93 billion in sanction-evasion transactions, while Iran-linked networks continued using crypto for illicit trade and financing.

Chinese money laundering networks also emerged as a central force, offering full-service criminal infrastructure to fraud groups, hackers, and sanctioned entities. Links between crypto and physical crime grew, with trafficking and coercion increasingly tied to digital asset transfers.

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