Sanctions evasion dominated crypto-related illicit finance last year, with state actors including Russia, Iran and North Korea driving a surge in activity, Chainalysis said in a Thursday report.

Sanctioned entities received at least $104 billion in cryptocurrency, an almost eightfold increase on 2024, pushing total illicit onchain volume to a record $154 billion. The findings show how heavily sanctioned states are integrating cryptocurrency into national financial strategies to bypass traditional banking systems.

Chainalysis’ report follows a similar study by TRM Labs, which in February said illicit entities received $141 billion in stablecoins, the highest level observed in five years. Sanctions-related activity accounted for 86% of the…