In 2025, illicit cryptocurrency transactions surged to a record $154 billion, driven by a 694% increase in funds flowing to sanctioned entities, signaling heightened nation-state involvement. Stablecoins have become the preferred asset for illicit activity, making up 84% of these transactions compared to only 7% for Bitcoin. The report highlights the growing role of Chinese money laundering networks and increasing links between crypto and violent crime, while noting that illicit activity remains under 1% of total crypto transaction volume.

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