Record illicit crypto wallet inflows in 2025 despite lower share of blockchain flows
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Illicit crypto wallets received an estimated $158bn in 2025, the highest level seen in five years, even as their share of total crypto activity fell. The increase reflects more sanctions-evading activity, better detection through Beacon Network, and large thefts including the Bybit raid by North Korean actors. The trend matters because it shows illicit flows are still expanding in absolute terms across the crypto ecosystem. At the same time, illicit share of on-chain volume slipped to 1.5% of total on-chain volume from 1.7% in 2024, and incoming VASP flows to illicit entities fell to 2.7% of incoming VASP flows from 2.9% the year before.
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Timeline
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12.01.2026 12:15 2 articles · 5mo ago
TRM Labs reports record illicit crypto wallet inflows in 2025
Campaign Scope UpdateTRM Labs estimates that illicit crypto wallets received $158bn in 2025, the highest level seen in five years, while illicit activity fell to 1.5% of total attributed on-chain volume and 2.7% of incoming VASP flows. The reported increase is linked to sanctions-evading activity by Venezuela, Iran and especially Russia, improved identification through the Beacon Network, large-scale hacks such as the Bybit raid by North Korean actors, and stronger blocklist enforcement by stablecoin issuers including Tether.
Show sources
- Illicit Crypto Activity Hits Record $158bn in 2025 — www.infosecurity-magazine.com — 12.01.2026 12:15
- Illicit Crypto Activity Hits Record $158bn in 2025 — www.infosecurity-magazine.com — 12.01.2026 12:15