Crypto crime hits record levels as state actors move billions
Nation-state involvement in crypto increased in 2025, signaling a shift in how on-chain crime operates.
Three waves of crypto crime (Source: Chainalysis)
Research from Chainalysis shows that crypto-related crime has grown more organized over recent years, with illicit groups running large-scale on-chain infrastructure to support cross-border criminal networks, procure services, and launder funds.
That same infrastructure is being used by state actors, both through established professional service providers and through custom-built systems designed to evade sanctions.
Illicit transaction value reaches a record
Wallets identified as being associated with illicit activity received at least $154 billion in cryptocurrency…
