TRM Estimates Illicit Crypto Flows Reached $158 Billion in 2025
Summary
TRM estimates illicit crypto flows reached $158 billion in 2025, up from $64.5 billion in 2024, while their share of attributed on-chain volume fell to 1.2%. The report cites sanctions-linked flows, hacks and faster attribution, and introduces revised metrics.
Key points
- TRM estimates illicit wallets received $158 billion in 2025, compared with $64.5 billion in 2024; the report says methodology changes mean percentage figures may not be directly comparable with earlier publications.
- Illicit activity accounted for 1.2% of attributed on-chain volume, down from 1.3% in 2024; illicit entities received 2.7% of incoming VASP flows, down from 2.9%.
- Sanctions-related activity grew by more than 400% year over year and was largely tied to Russia-linked entities. A7A5 processed more than $72 billion, while the A7 wallet cluster was associated with about $38–39 billion; these are different measures and may overlap.
- Chinese-language escrow and underground banking networks processed more than $103 billion in adjusted crypto volume in 2025, according to TRM, up from about $123 million in 2020.
- TRM attributes the increase partly to expanded sanctions designations, a small number of large-scale hacks, and faster attribution through the Beacon Network, which connects law enforcement and investigators.
- TRM describes its figures as a conservative baseline that excludes, among other things, fiat-originated crime proceeds, unattributed addresses and laundering flows; it expects estimates may be revised upward as attribution improves.
Article Details
- Publisher
- TRM Labs
- Report Period
- 2025
- Scope
- Global illicit cryptocurrency activity and flows
- Key Statistics
- TRM estimated USD 158 billion in incoming value to illicit cryptocurrency wallets in 2025, compared with USD 64.5 billion in 2024; the report says estimates are a conservative baseline and may be revised upward.
- Illicit activity was 1.2% of attributed on-chain volume in 2025, down from 1.3% in 2024; TRM cautions that its updated methodology limits direct historical comparisons.
- Illicit entities received 2.7% of incoming VASP flows in 2025, compared with 2.9% in 2024 and 6.0% in 2023.
- The A7A5 token received USD 72 billion in 2025, according to the report; this is aggregate activity involving the token and is not directly additive to the separately attributed A7 wallet figure.
- Adjusted crypto volume associated with Chinese-language escrow services and underground banking networks exceeded USD 103 billion in 2025, up from approximately USD 123 million in 2020.
- Recommendations
- Use faster attribution tools and cross-jurisdictional collaboration.
- Monitor non-custodial infrastructure, including no-KYC DEXs and escrow services.
- Use intelligence-led approaches that assess liquidity risk, not only transaction counts.
Vendors
Tools
Countries
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