NEW YORK — Crypto-related crime surged to record levels in 2025, driven less by traditional cybercriminals than by the entry of nation states into digital asset markets, according to new analysis from blockchain data firm Chainalysis.
An estimated $154 billion flowed to illicit crypto addresses last year, a 160% increase from the prior year and the highest total on record, said Eric Jardine, Chainalysis’ head of research. But Jardine said the spike reflects a shift in the actors and scale of activity rather than a sudden breakdown in blockchain security.
A Change in 2025
“What changed in 2025 was a shift in who’s doing what,” Jardine said, pointing to large-scale sanctions evasion by sovereign governments, most notably Russia.
Unlike earlier state-linked crypto activity, such as North Korea’s hacking operations, the latest activity involved sustained, industrial-scale financial flows conducted openly on blockchain networks, Jardine said. He described the trend as a new baseline for crypto risk tied to geopolitical strategy rather than isolated criminal schemes.
Chainalysis cited the emergence of a ruble-backed stablecoin known as A7A5, later sanctioned by the European Union, as a key example. Once operational, the token processed roughly $2 billion per week, Jardine said, volumes that dwarf most cybercrime operations.
Stablecoins Lead Way
Stablecoins accounted for about 60% of illicit crypto activity in 2025, a share inflated by the Russian-linked token. Jardine cautioned against singling out stablecoins as inherently risky, noting they dominate legitimate crypto transactions for the same reasons illicit actors use them: price stability, liquidity and ease of transfer.
Chainalysis said crypto crime has also entered a more “professionalized” phase, with specialized services offering laundering and operational support to both criminal groups and state-aligned actors. While the concentration of activity can create enforcement leverage, Jardine said these services often operate from jurisdictions unwilling or unable to intervene.
‘Advantage’ Remains
Despite the headline figures, Jardine said blockchain transparency remains a critical advantage for regulators and financial institutions.
“The transparency of the blockchain provides a tremendous advantage for AML compliance and fraud prevention,” he said, noting that sanctioned tokens and known scam addresses can be identified and blocked in real time.
Chainalysis is a blockchain analytics firm that works with governments, law enforcement and financial institutions.
