Sanctions Evasion Drives $154B Illicit Crypto in 2025: Chainalysis

• Illicit crypto transaction volume reached $154 billion in 2025, according to Chainalysis.
• Sanctioned entities received at least $104 billion in digital assets.
• Stablecoins accounted for about 84% of illicit crypto activity.

Sanctions evasion by state actors drove illicit cryptocurrency activity to record levels in 2025, according to a new report from blockchain analytics firm Chainalysis. The report estimates that sanctioned entities received at least $104 billion in digital assets during the year.

The surge pushed total illicit on chain transaction volume to around $154 billion, highlighting how governments and sanctioned organizations are increasingly using cryptocurrencies to bypass traditional financial restrictions.

Chainalysis said state actors including Russia, Iran, and North Korea played a central role in the increase. These countries have faced extensive international sanctions, which analysts say has encouraged the use of digital assets to facilitate cross border payments and financial transfers.

A ruble pegged stablecoin known as A7A5 emerged as a major conduit in the ecosystem. According to Chainalysis, the token processed more than $93 billion in transactions in less than a year. The stablecoin has reportedly been used as a settlement mechanism for sanctioned Russian businesses engaged in international trade.

The report noted that A7A5 is linked to exchanges Grinex and Meer, platforms that processed billions in transactions before being sanctioned by U.S. and European authorities. Chainalysis also identified a service described as an “A7A5 Instant Swapper,” which converts the token into dollar pegged stablecoins with limited identity verification checks.

Representatives of A7A5 disputed the allegations. Oleg Ogienko, the project’s director for regulatory and overseas affairs, said the platform operates legally and complies with regulatory requirements in Russia and Kyrgyzstan.

Beyond Russia linked activity, Chainalysis reported increasing crypto use by Iranian entities. Addresses associated with the Islamic Revolutionary Guard Corps reportedly handled more than $3 billion tied to regional financing networks and trade activity.

North Korea remained the most active cybercrime actor in the crypto sector. The report estimates that hackers linked to the country stole more than $2 billion in cryptocurrency during 2025, including approximately $1.5 billion from a major exchange breach.

Stablecoins have become the dominant asset in illicit crypto transactions. Chainalysis estimates they account for roughly 84% of such activity, reflecting their liquidity and ease of cross border transfer.

The findings indicate that sanctioned states and cybercriminal groups are increasingly integrating digital assets into their financial operations. At the same time, blockchain analytics firms and regulators continue expanding monitoring tools to track suspicious transactions across public networks.