Chainalysis: Sanctioned entities routed $104B in crypto across 2025, most of $154B illicit flows

According to the 2026 Crypto Crime Report by Chainalysis, sanctioned entities are estimated to have moved about $104 billion in cryptocurrency during 2025, representing the bulk of the $154 billion received by illicit addresses. The study notes that sanctions-related activity jumped 694% year-over-year, with stablecoins making up 84% of illicit volumes, even as such transactions stayed below 1% of overall global crypto activity.