Sanctions evasion fuels a $158bn boom in crypto’s shadows
Illicit crypto flows surged 145% in 2025 to a record $158bn, TRM Labs says
In 2025, the total value of illicit crypto activity hit a record $158bn, up 145% year on year, according to a report by analytics firm TRM Labs.
Despite the jump in nominal terms, the share of “dirty” funds in total on-chain flows edged down from 1.3% in 2024 to 1.2% in 2025.
Analysts also introduced a new metric that gauges risk relative to available liquidity rather than total transaction volume. By this…
